Quadrangle Development Corporation

Quadrangle Development Corporation is a privately held real estate development company headquartered in Washington, D.C. Founded in 1971 by Robert Gladstone and James R. Crozier, the company developed from an apartment-construction business into a vertically integrated developer involved in office buildings, hotels, condominiums, mixed-use projects, and other large urban properties. Its work has been concentrated primarily in the Washington metropolitan area and nearby parts of Maryland and Virginia. The company’s early activity centered on constructing apartment complexes. Within several years, Quadrangle expanded into commercial development, including office buildings and hotels. That expansion gave it a broad project portfolio spanning residential, hospitality, retail, office, and mixed-use real estate rather than a narrowly specialized product focus. Its projects have included both privately operated properties and major developments connected with civic, convention, and downtown-revitalization objectives. Quadrangle became particularly associated with significant Washington-area urban projects. During the late 1970s and early 1980s, it participated in the redevelopment of Pennsylvania Avenue NW, including the retail and dining complex later known as The Shops at National Place and eat at National Place, as well as work involving the National Theatre. The company also developed or participated in major hospitality and office projects, including the JW Marriott Hotel Washington, the Grand Hyatt Washington, The Washington Center Office building at 1001 G Street NW, and later the Washington Marriott Marquis beside the Walter E. Washington Convention Center. Its regional portfolio also extended beyond central Washington. Notable projects included the Hyatt Regency Chesapeake Bay Golf Resort, Spa & Marina near Annapolis, Maryland; the MedImmune headquarters in Gaithersburg, Maryland; the Hilton Baltimore; and Towers Crescent, a mixed-use development at Tysons Corner, Virginia. These projects illustrate Quadrangle’s involvement in destination hospitality, corporate facilities, suburban mixed-use development, and large-scale urban commercial real estate. The company was described as one of the largest real estate developers in the Washington metropolitan area by 2002. A profile of its holdings reported that, as of April 2011, Quadrangle owned 83 properties comprising approximately 22 million square feet and an estimated value of $8.4 billion. Those figures describe the company’s reported holdings at that time and should not be treated as current financial or portfolio data. Robert Gladstone, who served as chairman, died at his home in Washington, D.C., in December 2014. Public reference material identifies him as a founder and longtime leader, but does not establish a current executive roster or provide reliable information about subsequent ownership, leadership, or portfolio changes. Quadrangle is therefore best characterized as a private regional real estate development brand with a substantial historical footprint in the Washington metropolitan market.

Quadrangle Development Corporation was established in 1971 by Robert Gladstone and James R. Crozier in the Washington, D.C., area. The company initially concentrated on apartment construction, reflecting the residential growth and development needs of the region. After its first years, it broadened its activities into office buildings and hotels, establishing the diversified development model that later defined its business. The company’s expansion coincided with major redevelopment activity in Washington, D.C. During the late 1970s and early 1980s, Quadrangle was involved in the redevelopment of Pennsylvania Avenue NW. Associated projects included The Shops at National Place, eat at National Place, and work connected with the National Theatre. These projects placed the company within a broader effort to strengthen downtown retail, dining, entertainment, and civic activity along one of the capital’s most important avenues. Quadrangle continued to build a portfolio across several property types. Its recorded projects include the JW Marriott Hotel Washington in 1979, the Grand Hyatt Washington in 1987, and The Washington Center Office building at 1001 G Street NW in 1989. The company later undertook or participated in projects outside the District of Columbia, including the Hyatt Regency Chesapeake Bay Golf Resort, Spa & Marina near Annapolis, Maryland, completed in 2001, and the MedImmune headquarters in Gaithersburg, Maryland, completed in 2003. The company’s later work included the Hilton Baltimore in 2008 and Towers Crescent, a mixed-use development at Tysons Corner, Virginia, in 2009. In the District, Quadrangle was associated with Mount Vernon Place, a mixed-use development in Mount Vernon Triangle that was under construction as of October 2012. Its portfolio also included the Washington Marriott Marquis, a 1,175-room hotel next to the Walter E. Washington Convention Center that opened on May 1, 2014. A reference profile described Quadrangle as one of the largest real estate developers in the Washington metropolitan area by 2002. It also reported that, in April 2011, the company owned 83 properties encompassing approximately 22 million square feet and worth an estimated $8.4 billion. The holdings were reported to include apartment buildings, condominiums, hotels, and office buildings. Because Quadrangle is privately held, publicly available information about its current portfolio and finances is limited. Robert Gladstone remained a central figure in the company’s history as co-founder and chairman. He died at his Washington, D.C., home in December 2014. Publicly available reference material does not provide a complete post-2014 leadership history, nor does it establish the current status of every proposed or under-construction project. Quadrangle’s documented legacy is therefore that of a major private Washington-area developer whose work spans residential, office, hospitality, retail, corporate, and mixed-use real estate.

1. 2014Washington Marriott Marquis opens

   The 1,175-room Washington Marriott Marquis opened on May 1, 2014, beside the Walter E. Washington Convention Center.

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2. 2014Death of co-founder Robert Gladstone

   Robert Gladstone, the company’s co-founder and chairman, died in December 2014.

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3. 2011Reported portfolio scale

   As of April 2011, Quadrangle was reported to own 83 properties totaling about 22 million square feet.

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4. 2009Towers Crescent

   The Towers Crescent mixed-use development at Tysons Corner, Virginia, was identified as a Quadrangle project.

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5. 2008Hilton Baltimore

   Quadrangle was involved in development of the Hilton Baltimore.

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6. 2003MedImmune headquarters

   The company was involved in the MedImmune headquarters project in Gaithersburg, Maryland.

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7. 2002Major Washington-area developer

   Quadrangle was described as one of the largest real estate developers in the Washington metropolitan area.

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8. 2001Hyatt Regency Chesapeake Bay

   The Hyatt Regency Chesapeake Bay Golf Resort, Spa & Marina near Annapolis, Maryland, became one of the company’s notable regional hospitality projects.

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9. 1989The Washington Center Office

   Quadrangle was involved in the office building at 1001 G Street NW in Washington, D.C.

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10. 1987Grand Hyatt Washington

    The company was involved in the Grand Hyatt Washington project.

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11. 1979JW Marriott Hotel Washington

    Quadrangle was involved in the development of the JW Marriott Hotel Washington.

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12. 1971Company founded

    Robert Gladstone and James R. Crozier founded Quadrangle Development Corporation.

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A privately held, vertically integrated developer focused on large-scale urban, suburban, hospitality, office, residential, and mixed-use real estate, with a historical concentration in the Washington metropolitan region.

• Residential apartment complexesResidential real estate1971

  Quadrangle began by constructing apartment complexes. Residential development formed the company’s initial operating base before it expanded into offices, hotels, and more complex mixed-use projects. Public reference material does not identify a complete current apartment portfolio or standardized consumer-facing product line.

• Office buildings and corporate facilitiesCommercial real estate

  Office development became a major part of Quadrangle’s business after its initial residential phase. Documented examples include The Washington Center Office at 1001 G Street NW and the MedImmune headquarters in Gaithersburg, Maryland. These projects reflect the company’s role in delivering large institutional and commercial properties.

• Hotels and resortsHospitality real estate1979

  Quadrangle developed and participated in major hospitality projects, including the JW Marriott Hotel Washington, Grand Hyatt Washington, Hyatt Regency Chesapeake Bay Golf Resort, Spa & Marina, Hilton Baltimore, and Washington Marriott Marquis. The projects range from convention-oriented urban hotels to destination resort facilities.

• Mixed-use developmentsMixed-use real estate2009

  Mixed-use development is represented by projects such as Towers Crescent in Tysons Corner and Mount Vernon Place in Washington’s Mount Vernon Triangle. These developments combine multiple uses, potentially including residential, office, retail, dining, and related amenities. The documented status of some proposed projects is historical rather than current.

• Pennsylvania Avenue redevelopment projectsUrban regeneration and retail1970

  Quadrangle participated in late-1970s and early-1980s redevelopment along Pennsylvania Avenue NW in Washington, D.C. Associated elements included The Shops at National Place, eat at National Place, and work involving the National Theatre. The projects linked retail, dining, entertainment, and downtown revitalization.

• 2014Opening of the Washington Marriott MarquisProduct launch

  The project was planned as a large headquarters hotel adjacent to the Walter E. Washington Convention Center.

  What changed. The 1,175-room Washington Marriott Marquis opened on May 1, 2014.

  Aftermath. The opening added a major convention-oriented hotel to Quadrangle’s documented Washington hospitality portfolio.

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• 1970Expansion from apartments into commercial and hospitality developmentStrategy

  The company began as an apartment-complex builder and later broadened its activity to office buildings and hotels.

  What changed. Quadrangle diversified its development activities beyond residential construction into office and hospitality real estate.

  Aftermath. The diversification established the multi-sector portfolio for which the company became known in the Washington metropolitan area.

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• 2014Robert Gladstone dies in Washington, D.C.

  Robert Gladstone, Quadrangle Development Corporation co-founder and chairman, died at his home in Washington, D.C., in December 2014.

  Leadership change
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• 2014Washington Marriott Marquis opens beside the Walter E. Washington Convention Center

  The 1,175-room Washington Marriott Marquis, described as a headquarters hotel for the convention center, opened on May 1, 2014.

  Product launch
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• 2011Quadrangle reported to own 83 properties valued at $8.4 billion

  A report cited by the company’s reference profile stated that, as of April 2011, Quadrangle owned 83 apartment, condominium, hotel, and office properties totaling about 22 million square feet and estimated at $8.4 billion.

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1. Quadrangle Development Corporation