Category: Real Estate

Benefits of Joining the Urban Land Institute

Urban Land Institute pic

Urban Land Institute
Image: uli.org

A former US Treasury advisor, Robb LaKritz maintains concurrent responsibilities as founder and managing partner at LaKritz Adler Development and as chairman of LaKritz Holdings, LLC. Complementing his professional work, Robb LaKritz serves as a member of the Urban Land Institute (ULI).

Over the last eight decades, ULI has emerged into one of the most influential real estate development and land use organizations in the world. Today, the Institute boasts a member-base of nearly 40,000 professionals who work in both the public and private sectors. Each of these individuals has the unique opportunity to take advantage of ULI’s numerous member benefits.

Anyone can engage with ULI as an associate member and become part of the organization’s largest group of affiliates. Though the organization does not offer its full range of benefits to these individuals, it still connects them with discounted educational events, opportunities to become Council leaders, and an exclusive list of online job postings.

ULI also offers a full membership bracket to those who work in the real estate and land industries. These professionals receive all associate benefits and more that help foster their career growth. In addition to extended leadership opportunities, full members receive the chance to mentor others in their field and present at prominent industry events.

Real Estate Projects at LaKritz Adler

LaKritz Adler Development, LLC pic

LaKritz Adler Development, LLC
Image: lakritzadler.com

Based in Washington, DC, Robb LaKritz has built a wide-ranging career as a global lawyer, policymaker, and business professional. As founder and managing partner of LaKritz Adler Development, Robb LaKritz has overseen an array of real estate redevelopment initiatives throughout the DC area.

Since its inception in 2002, LaKritz Adler has fostered the vision of an improved Washington DC. The firm began by restoring the city’s historic Shaw neighborhood and has since continued its goal with a number of other renovation projects, including the following:

8415 Fenton
Through a partnership with the First Baptist Church of Silver Spring, LaKritz Adler has initiated a project that aims to renovate two acres of real estate in the city’s downtown area. When completed, the new building will feature nearly 100,000 square feet of space for shopping, religious worship, and residential living.

Petworth Station
In 2010, LaKritz Adler completed a renovation project at the empty gas station site across from Washington DC’s Petworth Station. After removing contaminations and rebuilding the site, the firm unveiled a new CVS that is the first to serve the neighborhood in several years.

The Moderno
In an effort to update the historic U Street section of Washington DC, LaKritz Adler purchased several lots in close proximity to the local metro station and established The Moderno in their place. Encompassing a total of 30,000 square feet, the building now boasts nearly 20 European-influenced condominiums and a retail area to accommodate the residents’ various shopping needs.

Revived Veritas Building Highlights Capital’s Neoclassical Look

Veritas Building pic

Veritas Building
Image: lakritzadler.com

Robb LaKritz, an accomplished attorney and former Treasury Department official, co-founded the Washington, DC-based firm of LaKritz Adler Development in 2003. As managing partner and chairman of the firm’s investment committee, he has overseen the execution of numerous successful real estate development projects, including the sale of the historic Dupont Circle Starbucks building in 2014. Among other notable DC-area acquisitions, Robb LaKritz and Josh Adler converted the historic Veritas Building – once an embassy – into a contemporary retail-office space while maintaining its historic features.

The neoclassical Veritas Building, almost unused at the time of the LaKritz Adler purchase, began to thrive after the firm welcomed new tenants that included the Veritas Wine Bar and a major law office. Within a few months of the restoration, the building was fully occupied. Situated at the intersection of Connecticut and Florida Avenues and near the Dupont Circle metro station on the Red Line, the Veritas Building features a stunning facade.

The building’s style typifies the architectural look of the District, which in its early history adopted the neoclassical esthetic echoing ancient Greece and Rome in the majority of its public structures. Throughout the first third or so of the 19th century, major cities along the eastern seaboard continued to use the neoclassically inflected Federal and Greek Revival styles.

LaKritz Adler Purchases Office Building on DC-Maryland Border

LaKritz Adler Development, LLC pic

LaKritz Adler Development, LLC
Image: lakritzadler.com

Robb LaKritz leads LaKritz Holdings, LLC, as chairman and also guides numerous building and historic renovation projects across the nation’s capital as chairman of LaKritz Adler Development, LLC. In 2014, he undertook the high profile sale of the Starbucks Building on Dupont Circle for more than $16 million. Robb LaKritz subsequently engineered the $14.9 million acquisition of an office building at 5185 MacArthur Blvd., on the Maryland-Washington DC border.

The off-market transaction was for a building that spans 43,000 square feet and has tenants such as UPS and Starbucks on the ground floor. One of the Uptown submarket’s premier mixed-use properties, the building was described by a LaKritz Adler Development executive as offering superior income characteristics when compared to deals occurring toward downtown.

The previous owner Rock Creek Property Group managed the property for nearly a decade, among a diversified portfolio spanning residential and commercial properties. With the property having been renovated approximately 15 years ago, LaKritz Adler Development is considering additional renovations that will make the property even more attractive.

The Purchase of the MacArthur Professional Center

Robb LaKritz As the chairman of LaKritz Holdings LLC, Robb LaKritz oversees real estate investment initiatives. Robb LaKritz also serves LaKritz Adler Real Estate Development, a company he co-founded, as a managing member.

In 2014, Rock Creek Property Group, following its acquisition of five commercial properties, sold the MacArthur Professional Center to LaKritz Adler. Rock Creek had purchased the three-story building in 2005 for $10 million. Located in close proximity to the Maryland-Washington border, the MacArthur Professional Center has a history dating back to the late 1960s and has since undergone renovations. Due to appreciation, Rock Creek transferred ownership to LaKritz Adler in exchange for nearly $15 million.

The building comprises 43,600 square feet, providing businesses with office space and retailers with storefronts. As of its acquisition, the center was home to a Starbucks as well as Brookville Pharmacy. Its other tenants included Interplan and John I. Haas.

The Dupont Circle Starbucks Building Sold for a Record-Breaking Price

LaKritz Adler Development, LLC pic

LaKritz Adler Development, LLC
Image: lakritzadler.com

Over the past two decades, Robb LaKritz has led a highly successful career as a real estate developer, investor, and policymaker. Currently leading LaKritz Holdings, LLC, as chairman and CEO, he spent 10 years serving as co-founder and managing partner of LaKritz Adler Development, LLC (LAD). Together with his partner, Robb LaKritz invested in and developed several properties throughout Washington, DC, including the Dupont Circle Starbucks Building.

Acquired by LAD in 2010, along with the adjacent Beadazzled building, the Dupont Circle Starbucks Building at 1501 Connecticut Avenue, NW, Washington, is home to the eastern United States’ first Starbucks store along with other high-end boutique commercial and retail space. Spanning the basement, first, and second floors in the buildings, Starbucks covers roughly one third of the total space and has agreed to lease the area through early 2035. The remaining space is filled by Beadazzled, Reishman Real Estate, and BBB Fresh Pan-Asian cafe, all of which have leases extending to at least 2018.

LAD owned the Dupont Circle Starbucks Building for five years, and in 2015 it was acquired by Harbor Group International in a record-setting sale. The fully leased buildings were sold for over $16 million, or $1,672 per square foot.