Metropolitan_Partnership,_Ltd.

Metropolitan Partnership, Ltd.

Metropolitan Partnership, Ltd.

Real estate company in Washington, D.C.

Metropolitan Partnership, Ltd. is a company engaged in real estate development in the Washington metropolitan area. It is notable for its unsuccessful bid to redevelop the Old Post Office Pavilion into a 245-room Waldorf Astoria hotel in partnership with Hilton Worldwide. Among its completed projects are the redevelopment of the former headquarters of The Washington Star at 1101 Pennsylvania Avenue, Tysons International Plaza, and Fairfax Square, all designed by architect David Childs, of Skidmore, Owings and Merrill.

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History

In 1979, after completing graduate studies at Harvard University, Cary Euwer joined Cabot, Cabot & Forbes in Boston, Massachusetts, where he first worked on 60 State Street. He then set up the firm's Washington, D.C. office and developed 1201 Pennsylvania Avenue.[1]

In 1983, he developed 250 West Pratt Street in Baltimore, Maryland with Skidmore, Owings and Merrill.[2]

In 1984, Euwer founded Metropolitan.

By 1991, the firm had redeveloped the headquarters of The Washington Star at 1101 Pennsylvania Avenue, Tysons International Plaza, and Fairfax Square.

With the development of Fairfax Square, the firm forged relationships with several luxury retailers, including Tiffany & Co., Hermès, Louis Vuitton, Gucci and Fendi.[3]

In 1998, the firm managed the retail re-positioning and construction of the ABC and Disney Studios at 1500 Broadway in Times Square, also with David Childs.

In 1999, the company partnered with Koll Development Company to develop office buildings for communications and technology firms in Northern Virginia.[4][5]

In 2007, in partnership with Zaremba Group, the company developed Westchester Commons, a 900,000 square foot shopping mall in Richmond, Virginia.[6][7][8]

In 2007, Metropolitan acquired from Birchwood Development Corporation, The Jericho Atrium, as well as two other Birchwood holdings in Jericho, New York, including a 6,800-square-foot office building that had been Birchwood's headquarters, prior to the sale of the retail portion of their portfolio to Kimco.[9]

Failed bid to redevelop the Old Post Office Pavilion

In 2012, the company bid on a request for proposal from the General Services Administration to redevelop the Old Post Office Pavilion. The proposal submitted by the company included converting the building into a 245-room Waldorf Astoria hotel. After losing the bid to an affiliate of Donald Trump, the company appealed, but was rejected by the General Services Administration.[10][11][12][13]

10 Light Street

In 2012, the company acquired and began the redevelopment of 10 Light Street in Baltimore, Maryland into 455 apartments.[14][15] In 2015, the company secured a lease with Under Armour for one of the floors.[16][17] The property was financed in part by $28 million in revenue bonds.[18] A penthouse unit at the property was listed for rent for $12,000 per month, the highest rents in Baltimore.[19]

1 Light Street

The company also redeveloped 1 Light Street, adjacent to its development at 10 Light Street, into office space.[20]

Former Alex Brown Building

In 2017, the company began redevelopment of the former Alex Brown building in Baltimore, Maryland into a 170-seat restaurant called the Alexander Brown Restaurant.[21][22]

References

  1. [1]
    Yudis, Anthony J. (December 26, 1982). "2 Building Plans Worth $72 Million". The Boston Globe.
  2. [2]
    Shelsby, Ted (August 30, 1983). "Boston developer plans Pratt street office tower". The Baltimore Sun.
  3. [3]
    Swisher, Kara (May 7, 1990). "THE GLITZ BLITZ; Amid an Influx of Upscale Retailers, Tiffany Sees Its Future in Virginia". The Washington Post.
  4. [4]
    Keri, Jonah (May 24, 1999). "Koll partnership plans spec building in Reston". American City Business Journals.
  5. [5]
    Klinger, Linda (November 16, 1998). "Koll enters D.C. market with eye on Dulles area". American City Business Journals.
  6. [6]
    "Regal Cinemas Joins Westchester Commons in Richmond, VA" (Press release). Business Wire. September 21, 2007.
  7. [7]
    Squires, Paula C. (April 15, 2009). "Building a project in tough times". Virginia Business.
  8. [8]
    WALKER, JULIAN (June 29, 2007). "Watkins Centre kicks off". Richmond Times-Dispatch.
  9. [9]
    GC Firm Buys Jericho Atrium, 2 Mineola Properties GC News, August 03, 2007
  10. [10]
    O'Connell, Jonathan (November 6, 2011). "Old Post Office gets another suitor: Hilton". The Washington Post.
  11. [11]
    JOYNT, CAROL ROSS; HARRIS, SHANE (June 19, 2012). "Controversy Follows Donald Trump's Winning Old Post Office Pavilion Bid". Washingtonian.
  12. [12]
    Clabaugh, Jeff (November 7, 2011). "Waldorf Astoria eyes Old Post Office Pavilion". American City Business Journals.
  13. [13]
    "WALDORF ASTORIA HOTELS & RESORTS REVEALS PROPOSAL TO REDEVELOP THE OLD POST OFFICE BUILDING INTO A NEW AND EXCITING DESTINATION ON PENNSYLVANIA AVE" (Press release). Hilton Worldwide. November 7, 2011.
  14. [14]
    Briggs, James (November 30, 2012). "10 Light St. office tower sells; will be converted into 445 apartments". American City Business Journals.
  15. [15]
    Kilar, Steve (December 3, 2012). "10 Light Street to be converted to apartments". The Baltimore Sun.
  16. [16]
    Sherman, Natalie (July 22, 2015). "10 Light to house third Under Armour Performance Center". The Baltimore Sun.
  17. [17]
    Gantz, Sarah (September 27, 2017). "Report: Demand for downtown apartments remains strong". The Baltimore Sun.
  18. [18]
    Sherman, Natalie (July 24, 2014). "BDC backs $28 million in bonds for One Light Street garage". The Baltimore Sun.
  19. [19]
    Simmons, Melody (January 25, 2017). "Exclusive: Inside 10 Light's $12,000-a-month penthouse". American City Business Journals.
  20. [20]
    Litten, Kevin (January 8, 2015). "M&T Bank eyeing 1 Light St. for Baltimore headquarters". American City Business Journals.
  21. [21]
    Gantz, Sarah (September 27, 2017). "Former Alex. Brown investment bank building to be converted to a restaurant". The Baltimore Sun.
  22. [22]
    Wilen, Holden (September 27, 2017). "Florida family to transform Alex. Brown building into retail hub, restaurant". American City Business Journals.
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