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Road Business Association 1777 Columbia Road, NW Washington 18th & Columbia "'Road Business Association 1777 Columbia Road, N.W. Washington, D.C. 20009 ~:r-..i Established 1920 September 8, 1987 ~ . ,.--:, (,/'j ~ . ,) "'.'i".I Mr. Edward L. Curry, Acting Executive -0?"leers Direct9r., Zoning Secretariat Cleesident D. C. Z,oning Comrnission John Orclno ~lgnone Freres Caterers District Building, Room 11-A ""'ff77 Columbia Ad., N.W. ;}50 Pennsylvania Ave.!. NVI 25-0332.. Washington, D. C. 20001,,J. e President rbert White RE: Boston Properties II1 PUD 1 Fuller St., N.W. Zoning Case No. 87-10 C 234-8948 Dear IVIr. Curry: Vice President HIida Rivas Churrerla Madrid Restaurant We submit this comment on the above referenced zoning 2505 Champlain St., N.W. case. The Washington Post (Aug. 22, 1987) reported, we 483-4441 Vice Presldflnt quote: "Boston .Propertles said it will donate up to Herb Kwash $2.2 million to a nonprofit organization that provides Midtown Phannacy 1841 Columbia Ad., N.W. housing opportunities for low-to-moderate-income families 265«333 elsewhere in the citv •••• the donation amounts to about Treasurer $15 per square foot. Y, David Walstrom Saxltone Tape Sales 1ne Columbia Ad., N.W. While we support the linkage concept we seriously 462-0800 question whether this $15 per square foot donation should Secretary be accepted, especially in view of the enormous value of J. George Frain 1789 Lanier Pl., N.W. the land which is the focus of Boston Properties linkage 387-3737 proposal. Board of Dlnlctcn Robert Blair In this connection we submit herewith a report in Outlook Clothiers the Wall Street Journal (July 31, 1987) which shows that 1767 Columbia Ad., N.W. the $15 per square root donation is picayunish in view of 667-6222 Daniel Bueno its developable worth of $480 per square foot. Zodiac Record Shop 1745 Columbia Ad., N.W. The Zonin·g Commission did not accept the first offer 3213-6533 Barbara Fairfax of John Akridge and that offer was at least doubled when Riggs National Bank it was finally accepted in Z.oning Case No. 85-3C to the 1779 Columbia Ad., N.W. benefit of .. 7S low-income families housed by Jubilee. 835-5701 Joseph Laskin Coamo Wine & Uquor 5hOp We therefore urge that the Zoning Co:n1,.11ission, since 1n1 Columbia Rd., N.W. the Boston Properties site is much more valu&Dle; and 234-8200 Rolf Loter Boston Properties will benefit greatly by acceptance of a Renovators Ltd. linkage proposal by the Commission, require that Boston 1757 Lanier Pl., N.W. Properties double or triple its· donation. and that any 265-8718 Al MIiier increase in the donation above $15 per square foot go to TV Technicians Inc. Jubilee Housing to improve and rehabilitate housing 1no Columbia Ad., N.W. provided by Jubilee to the other 225 families not covered 463-4445 Dick Munske by the donation of John Akridge in z.c. No. 85-JC. Ught Motif 1786 Lanier Pl., N.W. 332-2812 Raul Sanchez la Plaza Restaurant 1847 Columbia Rd., N.W. 667-1900 1789 Lanier Pl. NW Counsel Judith lttlg Washington, D.C. 20009 1736 Lanier Pl., N.W. Phone: (202) 387-3737 ZONING265-9851 COMMISSION District of Columbia CASE NO.87-18 EXHIBIT NO.45 ' U.S. News& WorldR;"portHeadquarters In Washington ls Sold to Japanese Finn By ROGER WWENSTEJN U.S. News building is equivalent to about Staff Reporter of THEW ALL STREET JOURNAL $480 a square fOOt. Shuwa Corp. bought the Washington. The seller was Boston Properties. the D.C .. headquarters building of U.S. News development company controlled by Morti· & World Report magazine for about sso mer Zuckerman. publisher of U.S. Nt-ws. million. according to Shuwa officials. eas· The previous record in Washington m• ily setting a. record price p,~r square foot volved the sale of the Olmstead bmlding to for an offic,'· building in the capital. a group of British investors last year for ShHwa is a closely held real estate con· s3o3 a square foot. cern hased in Tokyo. Based on a total of The U.S. News building salf. which · ·d f th closed earlier this month and hasn't been _ 1_65_,oo_,_sq_u_a_:-_e_fe_e_t._t_he_pn_·c_e_i_t_pa_i_.0 _r__ e-l publicly announcui, continues a trend of high-priced purchases of Washington prop­ erty by Japanese investors. Japanese in­ vestors also have been setting real estate records in Los Angeles and New York. "The Japanese are paying top dollar," said Larey Dendtler, a real estate official With Equitable Life Assurance Society of r.., the U.S. in Washington. "Everyone thinks C:: of them when they go to sell." !:; Shuwa officials said that the U.S. Nt-ws c.o building was attractive because the maga· !"" zine agreed. as part of the sale. to lease ~ it back for 25 years. with annual rent in· ~ creases. Mr. Zuckerman confirmed that the partnership that owns the building was I sold to Shuwa, but he wouldn't comment on , the terms .. He said it would be misleading ' to view the price independently from the leaseback. Office properties generally are valued more highly when they are leased long-term. An individual close to the sale said the price "wouldn't make sense to a U.S. in· vestor." However, he said, "from the Jap­ anese point of View. it could be a very good investment." The Japanese can outbid Americans for real estate because of the strength of the yen compared v.ith the dollar and because they are able to borrow at lower interest rates in Japan than in the U.S. In the U.S. capital. one of the country's few hot real estate markets, office rents are second to those in Manhattan. Shuwa has l>~en an aggressive buyer of property in the U.s .• including Arco Plaza in Im; Angeles and the ABC building in New York. This is its first purchase in Washington. In April, Judiciary Center. whose main tenant is the Department of Justice. was purchased by Kondobo U.S.A. Inc. and Na­ gishima U.S.A. Inc., both owned by Japa­ nese parents. That purchase, like Shuwa's purchase of the U.S. News building. wasn't formally announced. "TI1e Japanese are very sensi· tive to the perception that they are buying the nation's capital," said Jon Minikes. a managing director of Jones Lang Wootton, ' a real estate broker and consultant. Mr. Zuckerman developed the U.S. News building in 1983. His cost couldn't be determined. However; an individual close . to the sale said .Mr. Zuckerman made "a • : su~tial profit" on the building . 1 i Mr. Zucicennan bought U.S. News mag- ':-:-__ -:-:__:-;,~. _____..., 1azine, which he continues to own. in 1984 for Sl76.3 million. ,,-.
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