Many real estate developers like Joe Sitt located in New York City have branched out to Washington D.C. With NYC and the District of Columbia just over 200 miles apart, the short distance provides excellent opportunities for realtors to do business in both cities. Four such companies are MRP Realty, TF Cornerstone (TFC), Property Group Partners (PGP), and JBG Smith Properties.
MRP has offices in New York City and Philadelphia. They are headquartered in Washington, D.C. The company’s focus is on development, management, and strategic investment. MRP includes owners, developers, and operators of industrial, office, residential, and retail real estate.
The real estate developer’s industrial program sets its sight on building multi-tenanted complexes in or near metropolitan areas. MRP prides itself in the approach they use assisting tenants to succeed in industrial urban projects. The company strives to provide a revenue stream from investors, which benefits their occupants.
It has been 10 years since the New York-based developer branched out to Washington, D.C. As of February 2016, TFC owns nine office buildings in the District of Columbia.
The company principals are brothers, Fred and Tom Elghanayan. TFC’s focus is on the procurement, development, manufacture, and management of commercial, retail, and high-end residential properties. For the commercial aspect, the company’s strategy focuses on value enhancement.
Property Group Partners
Property Group Partners was formerly the Louis Dreyfus Property Group. Their tagline is building for the future. PGP has built top-notch properties and exquisite landmarks for over 40 years.
Their headquarters are in New York City. PGP has offices in Washington, D.C.; West Palm Beach, Florida; Wilton, Connecticut; and London. They are committed to envisioning finer cityscapes and rejuvenating neighborhoods.
In the District of Columbia, PGP has developed a state-of-the-art commercial office and ground floor retail space, which offers 2.2 million square feet of real estate. They have also developed and operate Four Seasons Hotels in Washington, D.C., Georgetown, and NYC.
Vornado Realty Trust
Vornado has a substantial office portfolio, which focuses on real estate in Washington, D.C. and Manhatten. They own and manage properties in both. In the District of Columbia, they boast over 16 million square feet. In Manhatten, their office assets surpass 20 million square feet.
Considered one of the largest realty holders in Manhatten, the properties include, Bloomberg’s global headquarters, and One and Two Penn Plaza on the top of Madison Square Garden and Penn Station. Vornado also holds the inaugural headquarters of Amazon.
In Washington, D.C., the real estate firm manages or owns over 16 million square feet in locations intended for offices. They boast of having over 70 percent in downtown D.C.
These are among the largest real estate developers with offices and properties located in the nation’s capital and the Big Apple.