David Stern is a Principal with Cobalt Property Group, LLC, heading its Washington, DC office. Mr. Stern, along with Mr. Patrick Marr and Mr. Steven Kleiman, is responsible for the overall direction of the firm.
Mr. Stern is a highly proficient real estate industry professional with twenty-five years’ background in property acquisition, financing, development, and leasing. His diverse experience includes the design and entitlement of several challenging, high-profile projects in the Washington metropolitan area, many of which involved significant historic preservation aspects.
Mr. Stern’s prior experience includes work with DC-based Starwood Urban Investments, Karchem Properties, and ICG Properties. At Starwood, Mr. Stern oversaw the identification and acquisition of a wide-ranging portfolio of urban retail properties throughout the Northeast, closing on 17 separate acquisitions in the venture’s first year. At Karchem, he was responsible for directing the entitlement, equity structuring and development of 901 F Street and 1717 Rhode Island Avenue, both historic preservation projects. Notably, 1717 Rhode Island Avenue was developed on land acquired through a 99-year ground lease with the Archdiocese of Washington.
Most recently, Mr. Stern was a partner at ICG Properties, where he was responsible for the strategy and implementation of all development and investment objectives. In this role, he lead the acquisition, design, entitlement, finance, and leasing of 900 16th Street. This prominent site, located at the corner of 16th and I Streets, NW, was acquired from the Third Church of Christ, Scientist and involved a significant historic preservation approval process. Ultimately, this project served as the first in Washington, DC to gain approval for the use of penthouse space as occupiable area, leading to the enactment of H.R. 4192 by Congress to formally amend the Height Act of 1910. The building, preleased by the law firm Miller & Chevalier, was delivered in early 2016.
Mr. Stern holds a B.S. degree in Economics and an MBA from the University of Maryland.