Our vertically integrated team of in-house professionals internally manage our own portfolio of properties, investments, loans and development projects. This platform has successfully completed over $1.5 billion of tax credit transactions, $3 billion in real property transactions and today runs the company's robust and diverse privately held portfolio of more than 2.5 million square feet.
We manage the development process from start to finish, whether we are re-entitling a site with development rights, planning a site development, building a team to execute a ground up development, transforming a property through substantive renovation or completing a condo conversion. With over 3 million square feet of development in the pipeline, we actively evaluate opportunities and draw on our broad swath of experience to make the most profitable decisions in the lifecycle of an asset.
Our success stems from the desire to diversify and the ability to apply seasoned knowledge, for the area and industry, to new projects. Working with an extensive network of contacts, our team invests in long-term projects that will gain value from strong management, innovative ideas and creative re-positioning. Our involvement with a project begins with analyzing factors such as demographic composition, economic growth, and the fundamental infrastructure of a building.
Our development team works side by side with our owners and brands to develop operational strategies designed to optimize financial returns and create long-term value enhancement. We are highly skilled in negotiating deal terms as well as running unique and independently owned properties.
Acquisition and Development
With numerous examples in our history of value creation, a prime example of our acquisition and development strategy is the 143,000 square foot Reston Sunrise. Located between Reston Parkway and Fairfax County Parkway, the site offers ease of access to Reston Town Center and, Dulles Airport. Sunrise I, a 60,000 square foot office building, was purchased in a joint venture with Clover Development in 2000. Shortly thereafter, the partnership built Sunrise II, a 83,000 square foot office building on the existing parking lot.
A diversified case of real estate development success is Suburban Park Apartments, a low-income 168-unit housing project in Gaithersburg, Maryland that was purchased in 1999 in a joint venture with KSI Development. This complex deal required the use of HUD financing and low income housing tax credits. After the acquisition, the project was extensively renovated and upgraded, while preserving its status as affordable housing.
A sample of our renovation projects include Franklin Tower, the Marriott Courtyard at Scott Circle and the Waterfront Tower Condominiums and Apartments.
In the early 90s, TBC completed a full redevelopment of Franklin Tower, a 212,000 sf office building located at 1401 Eye Street in Washington, DC. The property was transformed into a class-A office building with a rooftop terrace and state-of-the-art fitness center. The stagant DC office market in the late 90s led to the opportunity for the company to purchase the vacant NRA Headquarters building in downtown Washington, DC and transform it into the Marriot Courtyard at Scott Circle. As the first urban Courtyard in the country, the asset won numerous awards. More recently, the company acquired two class-C apartment buildings at the SW DC Waterfront Metro stop. One building was fully-renovated and sold as condos, one building was partially renovated, and the remaining land was the basis for the 301 M Street & 300 K Street developments.
We have had our hand in some notable renovations such as 1500 Eckington Place, NE, which was purchased and redeveloped in a joint venture with Union Realty Partners. Located at the corner of Florida and New York Avenue in northeast Washington, DC, the building was originally developed for industrial use. Vacant at the time of purchase, the partnership renovated and repositioned the building as office space and leased the project to XM Satellite Radio for their headquarters. The project was recognized by the Washington Business Journal as 1999’s "Deal of the Year" and has also been honored by the Urban Land Institute as a runner up in their annual Awards for Excellence nationwide.
As visionaries in real estate, we are currently working on numerous projects to realize the highest and best use for our sites, including the Bethesda Center, the Aloft Raleigh and the Southwest Waterfront.