WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services firm in the U.S., announced today that two of its locally managed properties were named winners at the 29th Annual TOBY® (The Outstanding Building of the Year) Awards Celebration dinner hosted on June 6, 2013 at the Willard Intercontinental.
455 Massachusetts Avenue, owned by a fund managed by ASB Real Estate Investments, was awarded the AOBA (Apartment and Office Building Association) TOBY® Award in the 100,000 – 249,000 square foot building category. In addition, the building was The Grand TOBY® winner of the evening.
In the Renovated Building category, Chevy Chase Pavilion, owned by Clarion Partners, LLC and located at the intersection of Wisconsin and Western Avenues in Northwest Washington, DC, was named the AOBA TOBY® Award winner.
The TOBY® Awards is recognized as the most prestigious, annual award program in the commercial real estate industry. Established by the Building Owners and Managers Association (BOMA) International in 1984, the annual TOBY® Awards process includes a rigorous review via an on-site inspection tour of all facets of the building’s operation and management. The evaluations included tenant relations programs, community involvement, emergency evacuation procedures, sustainability programs, preventative maintenance schedules, security issues, policy and procedures manuals and continuing education for building personnel.
"These awards and the chance to compete for the Regional TOBY® Award are a testament to our team’s hard work and commitment to excellence in property management,” commented Mr. Grillo, Senior Managing Director with Cassidy Turley. "We strive to incorporate the industry's best practices into our operating plan for all properties, while fostering professionalism, collaborative teamwork and professional growth, and are honored to be recognized by BOMA at AOBA’s Awards event for these accomplishments," he continued.
455 Massachusetts Avenue is a class A, 242,366 square foot office building located in the East End’s Mount Vernon Triangle submarket of Washington, DC. The building is within short walking distance of the Gallery Place-Chinatown Metro Station and the many shopping, dining, cultural venues and public spaces that the Mount Vernon Triangle neighborhood has to offer. It is proximate to Union Station, I-395, and Capitol Hill. The building features floor-to-ceiling glass curtain walls, offering three sides of glass, a rooftop terrace with Capitol views, and a four-level parking structure, offering one parking space per 1,250 square feet leased. Major tenants include Program for Appropriate Technology in Health (PATH), and National Democratic Institute for International Affairs (NDI) and Lutron.
Notable energy efficient improvements Cassidy Turley implemented at 455 Massachusetts Avenue include:
- Energy Star Certified Building
- Retrofit all garage lighting from Metal Halide to T8 tubes
- Motion sensor lights installed in corridors and stairwells
- New LAD lights in lobby
- Aerators and flush valves
- Energy efficient lights installed in elevator cabs
Cassidy Turley’s winning team members include: Barbara Finan, John Short, Tony Andrade, Sindy Obando-Rodgers, Reggie Mullins and Theresa Kiel.
The contractors and service partners involved with 455 Massachusetts include: Red Coats, Stuart Dean, Allied Barton and Premier Plantscapes.
Chevy Chase Pavilion began renovations in February 2012. With an opportunity to bring an exciting group of new stores and retail to the building, the owner invested approximately $32 million in improvements and renovations, which will be completed in mid-September 2013. Notable renovations and improvements include:
- In the atrium, six escalators were replaced and realigned along with the installation of a grand staircase. New and additional restrooms were added as well as new finishes that include a fifty foot LED light wall.
- Full and partial restoration took place in the garage which includes a new membrane, painting, new lighting and signage.
- In 2012, the addition of Bryan Voltaggio’s RANGE, Civil Cigar Lounge and three-story H&M brought new retail to the building.
- In 2012, three tenant build-outs consisting of 43,000 square feet were renovated in the Office Tower. Additionally, the Office Tower main lobby and floor lobbies were renovated in 2011
- The roof was replaced in 2010.
- Mechanical upgrades included various HVAC equipment from 2008-2012.
- Exterior renovations included banners, pavers and caulking.
- Property marketing included re-branding in addition to a new page launch.
Chevy Chase Pavilion is a mixed-use 894,921 square foot building located at 5335 Wisconsin Avenue that has achieved LEED® Silver certification. Other major tenants include Embassy Suites, Cheesecake Factory, J.Crew, World Market, Loft and Starbucks.
Cassidy Turley’s winning team members for this project include: Joan McCarty, Laura Rogers, Eric Fenner, Joanne Murphy, Matt Taffi, Milton Fuentes, Julio Fernandez, Jorge Castro and William Ayala.
Contractors and service partners involved with the Chevy Chase Pavilion include: Total Quality, Admiral, Capitol Concierge and Marc Parc.
Chevy Chase Pavilion is Clarion Partners’ second building to receive a TOBY® Award. The McPherson Building, a 239,174 square foot, class A office building located at 901 15th Street in Northwest Washington, DC, was the 2012 Regional TOBY® Award winner in the Renovated Building category.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with more than $3.5 billion in gross assets under management for approximately 200 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multi-family, retail and industrial properties. Applying a disciplined approach, ASB manages core, value-add and development strategies. ASB’s portfolios are comprised of 214 properties totaling over 16 million square feet in 14 markets throughout the United States.
About Clarion Partners, LLC
Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With more than $28 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors.
More information about the firm is available at http://www.clarionpartners.com/.
About BOMA International
The Building Owners and Managers Association (BOMA) International is an international federation of more than 100 local associations and affiliated organizations. Founded in 1907, its 16,500-plus members own or manage more than nine billion square feet of commercial properties. BOMA International’s mission is to enhance the human, intellectual and physical assets of the commercial real estate industry through advocacy, education, research, standards and information. On the web at http://www.boma.org/.
AOBA is the leading membership organization representing owners/managers of commercial office buildings and multi-family residential real estate in the Washington, DC region. AOBA members enjoy membership benefits in its national affiliates: the Building Owners and Managers Association International (BOMA) and the National Apartment Association. For details, visit http://www.aoba-metro.org/.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.