SOURCE: McCaffery Interests, Inc.; Douglas Development Corporation

McCaffery Interests, Inc.; Douglas Development Corporation

McCaffery Interests, Inc.; Douglas Development Corporation

February 24, 2011 15:19 ET

McCaffery Interests, Inc. and Douglas Development Corporation Announce Purchase of 675 H Street in Washington, DC

WASHINGTON, DC--(Marketwire - February 24, 2011) - McCaffery Interests, Inc. and Douglas Development Corporation, privately owned and fully integrated real estate companies, located in Washington, DC, today announced that a newly formed joint-venture JMR, LLC has acquired 675 H Street located in Washington, DC. Douglas Jemal and Daniel McCaffery are co-managing general partners of the Venture.

Located on the corner of H and 7th streets, 675 H Street is a marquee building recognizable by its proximity to the historic and symbolic Chinatown entrance. The building and land will be redeveloped by the Venture into a state-of-the-art, urban mixed-use development.

"The acquisition of this prime real estate is an example of the commitment that both companies have to the Washington DC marketplace in general," said Juan Cameron, Managing Director of McCaffery Interests, Inc. "The Venture has extensive knowledge of the market and proven track records for creating vibrant mix-use developments. Together we will strive to do a development that will enhance the intersection and enrich the wonderful ethnic diversity that now exists."

"We have a long and successful record of working within the neighborhood. Our team will ensure a development of the highest quality and one that is additive to the history and to the future of the area," said Norman Jemal, Principal, Douglas Development Corporation. 

This is the first joint-venture between McCaffery Interests and Douglas Development Corporation. For more information, please contact Juan Cameron, Managing Director, McCaffery Interests, Inc. at (703) 351-9500 or jcameron@mccafferyinterests.com.

About McCaffery Interests, Inc.:
McCaffery Interests, Inc., is a privately owned, full-service commercial real estate company that has been in the business of investing, developing, leasing and managing real estate for more than 20 years. The McCaffery Interests portfolio of planned, completed and managed projects exceeds 20 million square feet and includes office, mixed-use, hotel, and residential properties, as well as large, master-planned communities and land developments. With offices in Chicago, IL and Washington, DC, and controlled assets and completed developments valued in excess of $2 billion, McCaffery Interests is one of the most trusted real estate companies in the nation. For more information, please visit www.mccafferyinterests.com or call (703) 351-9500.

About Douglas Development Corporation:
Douglas Development Corporation is a fully integrated real estate company that has been in the business of investing and developing real estate for underserved areas of Washington, DC for more than 20 years. Douglas Development Corporation is one of Washington, DC's most respected and well-known real estate companies. For more information, please visit www.douglasdevelopment.com or call (202) 638-6300.

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