Carlyle, Riverstone to Invest $450M in Oil and Gas Firm
The Carlyle Group and a New York-based private equity firm have committed a $450m investment to Dynamic Offshore Resources LLC, a new oil and gas company that will focus on the acquisition and development of producing properties in the Gulf of Mexico, the Washington Business Journal reported. Joining D.C.-based Carlyle in the Dynamic Offshore Resources investment is Riverstone Holdings LLC, a private equity firm founded in 2000 that focuses on certain parts of the energy industry. Riverstone has committed more than $6 billion, to date, in more than 41 investments. The founders and management team at Dynamic Offshore Resources also plan to invest up to an additional $50m in the firm.
Old Navy Yard Revitalization Begins
Forest City Washington broke ground recently on The Yards, a 42-acre redevelopment on property that used be part of the Washington Navy Yard. The area, formerly called Southeast Federal Center, will be home to 2,700 residential units, 1.8 million square feet of office and retail space. D.C. officials estimate that the project will have 3,700 residents and add 7,700 jobs, which would generate $450 million in annual paychecks. The project will create a $42m public park on 5.5 acres fronting the Anacostia River. Forest City will construct the park, designed by M. Paul Friedberg and Partners. The park will be dedicated to the District upon completion. [Source: Washington Business Journal]
