Dallas-Based Stream Realty Partners Opening NoVA Office in Tysons
Former WashREIT executive Anthony Chang to lead office
Stream Realty Partners, a Dallas-based commercial real estate company, is opening its first office in Northern Virginia.
Anthony Chang, a 20-year veteran of the industry, will lead the office as its managing director. He most recently served as vice president, asset management for WashREIT, a D.C.-based real estate investment trust.
Chang will currently work out of the firm’s Washington, D.C., office at 1601 K Street NW, while Stream Realty searches for space in Tysons, Va., that can accommodate the company’s plans for future growth.
Kyle Luby, Stream Realty’s executive managing director and partner for the Washington, D.C., metro area, noted there were two things driving the decision to open an office in Northern Virginia.
“First, we have real conviction in the long-term market fundamentals,” Luby told Commercial Observer. “We are seeing tremendous growth in the region, across multiple product types, and it is clearly an institutional-quality market worth investing resources into. The second reason has more to do with the evolution of Stream’s platform and our ongoing success in the region.”
Nationally, Stream Realty has grown a number of service lines, including its industrial and data center development services. Locally, it’s built a strong reputation and client base.
“Northern Virginia gives us an opportunity to deploy all of those resources to add value to our clients and team members,” Luby said. “We have the resources in place to support Anthony’s effort in a meaningful way. Anthony has a unique background — with experience in property management, asset management, agency leasing — that will provide a refreshing perspective in the market and for our clients.”
This marks the 14th location for the firm. Stream Realty’s D.C. office has a portfolio of more than 8.85 million square feet, and provides third-party leasing and property management services for such investors as Principal Financial Group, PNC Realty Services, Federal Realty Investment Trust and Oxford Properties.
In Northern Virginia, Stream Realty already offers leasing, property management and construction management services across a 3.5 million-square-foot portfolio. This includes the 180,000-square-foot Dominion Point, an office building in Herndon, where the firm led a $5 million renovation that saw occupancy increase from 45 to 95 percent since acquisition.
“In every Stream market, we seek to be proficient in our talent development, third-party service business, and principal investment activities,” Luby said. “With Anthony’s experience and background, we expect to accomplish all three of those goals in Northern Virginia. It starts with attracting the right people, and then giving them the autonomy and resources to capitalize on every opportunity.”
Keith Loria can be reached at firstname.lastname@example.org.