Center Hosts Fall Student Real Estate Trek

On Thursday, September 26, the White Ruffin Byron Center for Real Estate embarked on a two-day trek in the DC/NOVA area with nearly 30 students from various UVA colleges and schools, including McIntire, Darden, Arts & Sciences, Engineering, Architecture, and Batten. The group toured active construction sites, attended engaging presentations, and networked at a student and alumni reception co-hosted by the Center for Real Estate and the Mayo Center for Asset Management.

Upon arriving at the Hyatt Regency Tysons Corner on Thursday afternoon, the students were welcomed with an insightful presentation by Brendan Sorem (McIntire ’06), VP of Investments at JBG Smith. JBG Smith, a prominent real estate investment trust (REIT), plays a significant role in the development and management of properties in the Washington, DC area. Brendan discussed the evolving landscape of workplace dynamics, focusing on the trend of companies requiring employees to return to the office or adopt flexible schedules instead of continuing with fully remote work. He highlighted how these shifts are influencing the types of projects JBG Smith is undertaking, with a rising demand for adaptable office spaces and mixed-use developments. Brendan also shared updates on some of JBG Smith’s high-profile projects, including the highly anticipated Amazon HQ2 and an innovative water park project in Crystal City.

Later on Thursday evening, trek students, UVA alumni, and industry professionals from the northern VA and DC area gathered together at the host hotel for a networking reception over hors d’oeuvres and beverages.  Each student was asked to introduce themself over the microphone and had a brief opportunity to share their background and career aspirations for the real estate industry.

On Friday morning, the group traveled to the headquarters of AvalonBay Communities in Ballston, a neighborhood of Arlington, Virginia.  There the group met with JD Klipper, Director, Talent Acquisition, and Kurt Hesser, Senior VP of Finance, before touring their innovative office space with Yoon Park, IIDA, VP of Design.  Yoon discussed the design intentions and decisions made when creating their office space, which spans several floors of a larger building that features residential and commercial units as well.  Following the tour, students heard from various teams at the firm including UVA alumni. Jordan Williams (A&S ’15) and Kate Serenko from the Finance team introduced AvalonBay, covering the firm’s history, product types in the multifamily space, and the various teams within the firm. Michael Coyne and David Madrid from the Operations and Innovations team discussed the firm’s innovations and initiatives, such as self-guided tours and furnished apartment options. Lastly, Hannah Reeves (McIntire ’21) and Anand Joshi spoke about life at AvalonBay and what it is like to work for the company.

After leaving AvalonBay, the group visited the offices of Clark Construction in the National Building Museum in downtown Washington, DC.  During this stop, the group met with Ben Eitan (Eng ’07) and learned about the history and development of the 600 Fifth Street site, a 360,000 square-foot former WMATA HQ being redeveloped for office use. The project, a joint venture between Rockefeller Group and Stonebridge, aims to transform the 1970s office building into a “trophy asset” for premier office tenants. Eitan discussed the challenges of redeveloping the property, including building on top of the active Red Line metro subway and maintaining the “chillers” that provide air conditioning for the Metro. The Clark team then led the students around the active construction site, including a visit to the roof.

The trek’s final stop was with Boston Properties (BXP) at Reston Town Center, where the students met with Matt Bonifant and Rich Ellis (Darden ’07) and toured Skymark, a mixed-use development. Reston Town Center is one of the premier real estate development projects nationally, featuring a strong tenant mix of retail, office, and residential spaces. The Skymark project is a 580-unit multifamily asset with luxury amenities and a variety of unit offerings, marked by its 39-story tower, the tallest residential tower from Baltimore to Charlotte. The tour provided insights into the creation of a high-end mixed-use development project and the challenges that can arise. Students who attended the real estate trek last fall – which included a stop at the Skymark project during construction – had the unique opportunity to witness the progress of the Reston Town Center project over the past year.

Special thanks to our wonderful trek hosts for sharing their time, expertise, and hospitality with our students! Please enjoy this photo album from our fall ’24 adventure.