National Early Childhood Education Provider Primrose to Open First DC Location at The Parks at Walter Reed
Primrose Schools Joins DC International School to Create to Premier Educational Opportunities in New Mixed-Use Community
WASHINGTON, D.C., February 20, 2020 — Primrose Schools has signed a 16,576 square-footlease at The Vale, the first new construction mixed-use development within The Parks at Walter Reed, a 3.1 million square-foot master-planned community developed by Hines, Urban Atlantic, andTriden Development Group. The Vale is being developed in partnership with PGIM Real Estate. A nearly 40-year-old provider of accredited early education and care centers brings a new educational opportunity to The Parks with its first Washington, DC, campus and fills an important need for early childhood education in the District of Columbia. In Ward 4 alone, where The Parks is located, there is a shortage of 2,220 childcare slots, according to a 2018 study of the District’s childcare supply by The Bainum Foundation.
“Primrose brings a key element of the live-work-learn-play community that we are building at The Parks. We are thrilled to welcome this high quality, community-minded educator to our vibrant campus,” said Urban Atlantic’s Manager of Public Private Partnerships Caroline Kenney.
Primrose complements DC International School, which opened at The Parks in 2017, creating a continuum of educational opportunities for both local neighbors and the anticipated daytime population of over 4,000 people upon full buildout of the project, including employees of the Children’s National Research and Innovation Campus. Primrose has shown a strong community commitment by offering $100,000 in scholarships to serve middle- and low-income households in Ward 4. With construction of The Vale currently underway, the school is expected to open in Fall 2021, and serve approximately 200 children ages 5 weeks to 5 years.
The Vale (thevaleapts.com), a 301-unit apartment building with 18,000 square feet of commercial space, is the first new construction development at The Parks, Itdelivers concurrently with The Brooks (thebrooksdc.com), a boutique condominium residence with 89 elegantly appointed homes. Primrose is the second commercial lease to be announced for The Parks, following Whole Foods which will anchor the project’s “Town Center,” featuring 100,000 square feet of dining, shopping, and entertainment. Construction financing of The Vale is provided by Capital One (NYSE: COF).
Steven Fricker, Primrose School’s Chief Development Officer, said, “Primrose is excited to be part of the Walter Reed development to help address the critical need for high-quality early education in the D.C. area. As families can face long waiting lists and limited options for their children, Primrose will help answer that demand and positively impact this community.”
The addition of Primrose to the Vale aligns with the intended outcomes of investments in PGIM Real Estate’s dedicated real estate impact strategy – creating opportunities to provide greater social and economic mobility through more equitable access to goods and services.
“From more affordable housing, to a new grocery store, to health care options, there’s a lot on the way to The Parks at Walter Reed. Now, we are proud to deliver another much-needed amenity to the community: more high-quality childcare,” said Mayor Muriel Bowser. “When we came together as a community at the beginning of this project to envision the future of the Walter Reed campus, this is what it looked like – a campus filled with opportunity, where Washingtonians can live, work, learn, and play.”
About The Parks at Walter Reed
Once complete, the 66-acre redevelopment of The Parks at Walter Reed will include over 3.1 million square feet of new construction and adaptive reuse of existing historic structure. This once closed-off Upper Northwest historic military medical campus will be transformed into an innovative and inspiring new destination featuring a broad mix of open green parks, recreation, arts, hospitality, 130,000 square feet of grocery-anchored retail, over 2,100 units of townhomes, condos and apartments (including 432 affordable units), office ambulatory care by Howard University, and two foreign language immersion charter schools (DCI and LAMB). The Parks is immediately adjacent to both the new Children’s National Research and Innovation Campus and the U.S. State Department’s new Foreign Mission Center, flanked by commuter corridors and public transportation. All less than five miles from downtown D.C., The Parks is a convenient destination with uptowncharm. For more information, visit www.theparksdc.com.
About Primrose Schools®
Primrose Schools is a leader in providing premier early education and care to children and families in the United States. With more than 400 schools in 30 states today, and over 160 in its development pipeline, Primrose works with hundreds of real estate developers and landowners to select sites. Primrose sites have flexible requirements and can be built through adaptive reuse, and housed within mixed-use developments, multi-tenant offices and retail centers as well as traditional, freestanding one- and two-story buildings. Its schools are recession-resistant businesses that offer investors long-term real estate solutions and serve as retail center anchors with the potential to draw high-quality tenants and 150 to 200 high-income parents twice a day, five days a week. The company has a robust list of franchise owners ready to purchase or lease sites across the U.S. and seeks developers, landowners and community leaders who want to thrive in this increasingly opportunistic real estate sector. For more information, visit this page to see the company’s site criteria and project portfolio or call (603) 770-9868to learn about its real estate process.
Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 219 cities in 23 countries and $124.3 billion of assets under management—including $63.8 billion for which Hines provides fiduciary investment management services and $60.5 billion for which Hines provides third-party property-level services. Hines has 148 developments currently underway around the world, and historically, has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most respected real estate organizations in the world. Visit www.hines.com for more information.
About Urban Atlantic
Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in transformational, large-scale, urban communities. Urban Atlantic focuses on creating vibrant, mixed-use, mixed-income, TOD neighborhoods. Headquartered in the Washington metro area for 20 years, the firm’s portfolio includes over $2 billion in completed real estate developments, creating nearly 9,000 residential units and 1 million square feet of commercial space. Urban Atlantic’s third-party investments have leveraged an additional $2 billion in real estate developments and operating businesses in emerging markets. Visit www.urban-atlantic.com for more information.
About Triden Development Group
Triden Development Group was established in 2004 as a local District-based firm and is a master development partner on more than $7 billion of local mixed- use projects. The Triden team has nearly 80 years of combined experience at the forefront of public-private collaborations addressing economic development challenges in the District of Columbia and major urban centers throughout the nation. Triden provides development, equity investment and advisory services related to infrastructure, retail and community benefits, as well as custom, project-specific assignments. Triden is a local equity participant and investment development partner in major projects including three of the largest mixed-use projects in the District of Columbia: CityCenterDC, The Wharf and The Parks at Walter Reed.
About PGIM Real Estate
PGIM, the global investment management business of Prudential Financial, Inc. (NYSE: PRU), is one of largest real estate investment managers in the world, with more than $175.9 billion1 in gross real estate assets under management and administration, as of September 30, 2019. Through its PGIM Real Estate and PGIM Real Estate Finance businesses, PGIM leverages a 140-year history of real estate lending on behalf of institutional and middle-market borrowers2, a 49-year legacy of investing in commercial real estate on behalf of institutional investors, and the deep local knowledge and expertise of professionals in 31 cities around the world.
PGIM Real Estate, the real estate investment management business of PGIM, has been redefining the real estate investing landscape since 1970. Combining insights into macroeconomic trends and global real estate markets with excellence of execution and risk management, PGIM Real Estate’s tenured team offers to its global clients a broad range of real estate equity, debt, and securities investment strategies that span the risk-return spectrum and geographies. For more information, visit www.pgimrealestate.com.
1AUA equals $34.5 billion and the net AUM globally includes $49.8B for PGIM Real Estate.
2Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $247.2 billion in deposits and $362.9 billion in total assets as of September 30, 2018. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.