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.

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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.

Well-Known Architects of the Italian Renaissance

Andrea Palladio pic

Andrea Palladio
Image: architecture.about.com

A graduate of Emory University, Robb LaKritz is a hugely successful leader in real estate development and investing. He currently serves as CEO and chairman of the private investment firm LaKritz Holdings, LLC, and the co-founder of LaKritz Adler Development, a company that specializes in redeveloping historic properties. In his free time, Robb LaKritz enjoys restoring various properties and learning about Italian architecture.

When many people think of Italian architecture, they envision the Renaissance, with characteristic domes, arches, and harmonious designs. Italy is the birthplace of Renaissance architecture and home to many well-known Italian architects of the time, some of which are briefly discussed below:

Andrea Palladio: The architect behind Il Redentore and San Giorgio Maggiore, two churches in Venice, Palladio, focused most of his work on domestic architecture. He designed several villas in the 16th century, such as the Villa Emo and Villa Rotonda. His work was often centrally planned and his designs were simple and easily reproduced.

Filippo Brunelleschi: Considered by many to be the first Italian Renaissance architect, Brunelleschi studied and drew inspiration from ancient buildings in Rome. His work includes the dome of Florence Cathedral and Ospedale degli Innocenti and his work often featured repetitive measurements and proportions.

Leon Battista Alberti: Focusing largely on designing building in Mantua, Florence, and Rimini, Alberti designed the facades of the Church of Santa Maria Novella and Tempio Malatestiano. Frequently referred to as a true Renaissance man, he sought to create meaning through his designs and recreate the glory of ancient architecture.

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.

The Benefits of Membership with YPFP

Young Professionals in Foreign Policy pic

Young Professionals in Foreign Policy
Image: ypfp.org

Robb LaKritz, a reputable leader in law, real estate development, and investing, and leads LaKritz Holdings, LLC, as chairman and CEO. When he’s not busy investing through his international private equity fund, Robb LaKritz is involved in a variety of organizations, particularly the Young Professionals in Foreign Policy, of which he is a member.

Dedicated to helping young professionals gain the skills and knowledge to become foreign policy leaders, Young Professionals in Foreign Policy (YPFP) offers a wide variety of benefits and unique professional opportunities to its members. Members are able to attend special events and the annual YPFP Affairs of State Gala. They can participate in weekly events with a focus on career development and global issues, and also have the opportunity to engage with current and future foreign policy leaders. The organization provides its New York and Washington, DC, members with access to regional discussion groups and public service opportunities, along with educational programming and access to published articles.

Members also receive a variety of valuable discounts through YPFP. The Churchill Centre offers a 25 percent membership discount, which includes preferred access to the Centre’s website, discounted rates for conferences, and a subscription to its journal. Additionally, YPFP members are given exclusive access to online case studies and lectures on global public management at Columbia University and receive a 50 percent discount on subscriptions to publications such as Diplomatic Courier and World Policy Journal. Further, members are eligible for several scholarships and discounts on services like the Princeton Review.

Investment Philosophies of Private Equity Funds

Robb LaKritz, co-founder of LaKritz Adler Development in Washington, D.C., has years of experience in the real estate development and investment arena. A former presidential appointee, Robb LaKritz is also the founder and CEO of LaKritz Holdings, a diversified private equity fund invested around the world.

A private equity fund is generally a partnership of firms or individuals formed to invest in private companies. Usually created with capital for investments not traded on a public exchange, private equity funds target specific industries or a broad market and often have long investment horizons. Once a sufficient stake in ownership is obtained, a private equity fund seeks to improve the value of an investment through an expansion strategy or operations and management changes.

The structure of a private equity fund often consists of a fund manager and corporate experts who monitor the companies in which the fund has an ownership stake. The fund manager oversees investment goals which may involve:

-Venture capital – financing companies in early growth stages.
-Growth capital – financing the expansion of an established company not traded on the public market.
-Leveraged buyout – financing existing management to enable it to take a controlling share in a company.
-Distressed buyout – financing a company unable to meet debt obligations. This usually includes a turnaround strategy.