David Stern is a highly experienced real estate industry professional with a background in property acquisition, financing, development, and leasing. His diverse background includes several challenging, high-profile projects in the Washington metropolitan area.
Mr. Stern's experience includes development work with DC-based Karchem Properties and Starwood Urban Investments. He joined Karchem in 1993, and was responsible for directing the equity structuring and development of 1717 Rhode Island Avenue, a 157,000-square-foot office building on land acquired through a 99-year ground lease with the Archdiocese of Washington. This $80 million project also included a historic component, incorporating four circa-1877 townhouses. The award-winning development, fully leased, earned recognition as one of the Washington Business Journal's 2004 "Best Real Estate Deals."
At Starwood, Mr. Stern oversaw the identification and acquisition of a wide-ranging portfolio of urban retail properties for the firm throughout the Northeast. Recognized for his discerning and creative acquisition strategies, he quickly helped build the Starwood portfolio to a value of more than $400 million.
Mr. Stern first joined ICG Properties in 1996. He played a leading role in the redevelopment of 901 F Street (The Gallup Building), which included the restoration of the city's landmark Masonic Temple. The three-year project included the development of a new, eight-story office tower, which was subsequently leased to such high-profile tenants as the Gallup Organization, Fannie Mae, and Northrop Grumman.
With his strong background in finance, business, and real estate, Mr. Stern plays an instrumental role in directing many of ICG's strategic real estate initiatives. He is also a licensed broker and helps guide the firmís acquisition, repositioning, and leasing efforts.
David Stern holds a B.S. degree in Economics and an MBA from the University of Maryland. He is a member of the Urban Land Institute, and recently served as a guest lecturer on real estate development for the Catholic University of America School of Architecture and Planning.