Newmark Grubb Knight Frank (NGKF) Retail announced that the firm was selected as the exclusive advisor for Forest City’s renovation and repositioning of Ballston Common Mall, located on Wilson Boulevard and Glebe Road in Arlington, Virginia. NGKF’s Senior Managing Directors Jessica Curtis and Peter Fine, as well as Director Nick Marona, will collaborate with Forest City’s project development and retail leasing teams to develop and execute a strategic plan. This project will create one-of-a-kind food, beverage and entertainment offerings, including a carefully curated market food hall. Upon completion of the extensive redevelopment project, valued at over $300 million, the center will be rebranded as Ballston Quarter.
NGKF has been tasked with the merchandising and leasing of approximately 120,000 square feet of food and beverage, and entertainment space. “Our team immediately fell in love with the project for a myriad of reasons,” said Curtis. “First and foremost, Forest City is committed to a total rebrand of the property into a dynamic, active gathering place that will surely become the centerpiece of this community. The demographics of Arlington are incredible and our team felt that the existing customer base was yearning for something more current and relevant,” she added.
“Forest City’s passion for this project was evident to us in our early meetings, a passion which we quickly embraced and now share completely. Their strong vision and creativity in the remaking of Ballston Quarter, in addition to their strict attention to detail, is a great match for our group and we are excited to bring our expertise to the table, ensuring that Ballston Quarter is a lasting and timeless retail and restaurant destination,” said Fine. Marona added, “We truly see an opportunity to pull together a roster of some of the best operators and concepts out there, ultimately creating a destination to which the region will be attracted for many years to come.”
Ballston Quarter will be a premier mixed-use development featuring office, residential, retail and restaurants, located only four miles from downtown Washington, DC, in Arlington’s vibrant submarket of Ballston. The project, which is slated for completion in 2018, will feature a transformative design and concept including open-air and enclosed concourses, and a resurfacing of its exterior and interior facades with warm natural finishes. Plans also include a complete remaking of the tenant mix for both retail and restaurants.
When coupled with a new residential tower offering approximately 400 apartment homes, an open-air public plaza and private mews entrances along Wilson Boulevard and Glebe Road, as well as a unique and vibrant mix of stores, restaurants and entertainment venues, the new Ballston Quarter will become the central gathering place of Ballston and its surrounding communities. Another exciting facet includes an active streetscape along Wilson Boulevard with street-entry stores and restaurants; many of the spaces even have sidewalk, terrace or rooftop dining options. Easy access to the Metro, the Ballston public parking garage and the Kettler Capital’s Iceplex, which draws over 1 million visitors a year, will also attract a variety of shoppers and diners.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.