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Two giant office and condo towers called Waterview will soon rise at the foot of the Key Bridge in Rosslyn, Va., the result of a deal brokered by Holland & Knight. The law firm represented the Los Angeles-based CIM Urban Real Estate Fund in its purchase of a 50 percent interest in the development, which will house a 24-story office building alongside a 28-story boutique hotel and condominium complex. CIM’s development partners are the JBG Cos. and Trizec Properties. Tiered crescents of glass will allow views of downtown Washington and the Potomac River from the 2.16-acre site. “The Waterview complex will dramatically enhance the quality and feel of downtown Rosslyn and will positively impact our business community,” says Brian Coulter, JBG principal and president of Rosslyn Renaissance, an organization committed to the development of downtown Rosslyn. “We believe high-quality office tenants will be attracted to Waterview’s upscale features, location and spectacular views of the river and the city.” Charles Garner, a CIM Group principal, says he has been looking for real estate development projects with reliable co-sponsors throughout the eastern United States. Garner officially opened CIM’s East Coast office in Bethesda, Md., in January 2003. While Waterview represents CIM’s first announced East Coast investment, CIM currently controls additional investments in Washington and Boston. CIM Fund’s lead investors included the California Public Employees’ Retirement System and the California State Teachers’ Retirement System. “The Rosslyn project is the result of many years of hard work,” says Garner. “JBG had the initial idea for Waterview seven years ago, and Trizec acquired an 80 percent interest when it purchased JBG’s office portfolio in 1998. CIM initially became involved in the project in May 2002.” There were some unusual aspects to this joint venture. Each of the three partners is exceptionally well-financed, and the issues that frequently arise as a result of the financial disparity between the money partner and the development partner did not exist here. However, it created other issues that the parties needed to work through. In a complicated series of transactions, JBG and Trizec shifted their ownership, with Trizec reducing its interest and JBG increasing its interest so that each ended up owning an equal interest. The CIM Group’s CIM Urban Real Estate Fund acquired a 50 percent stake in the new entity, while JBG and Trizec own 25 percent each. JBG will act as the managing general partner of the joint venture. JBG and Trizec will co-develop and lease the office tower, with Trizec acting as property manager. JBG will be the sole developer of the hotel/residential tower. The architectural firm designing the towers is Pei Cobb Freed & Partners. Negotiations are taking place with several possible tenants for the office tower.The partnership expects demolition of the site to begin late this year, followed immediately by the start of construction. Waterview should be complete by late 2007. Other law firms involved in the partnership included Bingham McCutchen, which represented JBG, and Katten Muchin Zavis Rosenman, which represented Trizec. Holland & Knight lawyers who worked on the deal were M. James Spitzer, Ken Hoffman, Lawrence Wolk, Rita Dattola, Kenneth Hoffman, David Briggs, and Mark Stone. M. James Spitzer Jr. is a real estate partner at Holland & Knight and served as lead counsel for the CIM Group. He represents equity funds, mezzanine lenders, investors and owners, and developers of commercial, residential, and hotel properties. He can be reached at [email protected].

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