Regional commercial real estate firm Edge Commercial is opening a new office in Washington, D.C., as the company looks to grow its capital markets and advisory practices in the region.
Located at 1828 L St. NW, the new office will serve as the headquarters of Edge’s investment sales platform. The branch will also house a dedicated downtown D.C. landlord and tenant advisory division.
Selected to lead Edge’s investment sales platform is Joe Friedman, a 20-year industry veteran and D.C. native who joined Edge earlier this year as a partner and regional manager.
In his career, Friedman has negotiated investment sales transactions for a number of real estate firms including Brookfield Properties, Duke Realty, First Potomac Realty Trust, Finmarc Management and Douglas Development. Recent area deals of his include the July sale of the Fort Davis Shopping Center in Southeast D.C. for $13.48 million, and the $14.55 million sale of the Gude Commerce Center in Rockville, Maryland, in February, which Friedman brokered while still with Metropolis Capital Advisors.
“Fundamentals remain in place fueling an extremely brisk capital markets environment, as investors recognize the preferred yields available from investing in real estate assets,” said Friedman. “Despite the existence and expectations for rising interest rates in the future, an extremely strong national and local economy, and the continued availability of ready capital, buyers remain eager to invest in real estate across all classes.
“We believe it is important to establish a presence in downtown Washington, D.C., to maintain strong relationships with the financial institutions, real estate companies and related professionals that are engaged in the capital markets segment.”
Since the firm’s launch in 2007, Edge Commercial has focused on landlord and tenant representation, working with some of the region’s most dynamic investment funds, trusts and companies. The Gaithersburg, Maryland-based company currently leases and manages more than 8.5 million square feet of commercial space, and operates additional offices in Tysons, Virginia, and Pittsburgh.
Edge will occupy approximately 1,500 square feet at 1828 L St., a 332,928-square-foot, 12-story, Class A office building in the city’s central business district. Owned by Rockville-based The Tower Cos., the LEED Gold building is on a corner lot at 19th and L streets within walking distance to the Farragut North and Farragut West Metro stations.