FD Stonewater
FD Stonewater is a boutique commercial real estate firm providing development, investment, brokerage, and asset management services, with a primary focus on federal, state, and local government build-to-suit facilities and the STAR Evergreen Fund for single-tenant mission-critical assets.
- Company typePrivate
- Founded1993
- HeadquartersArlington, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What FD Stonewater does
FD Stonewater is a privately held, boutique commercial real estate firm founded in 1993 and headquartered in Arlington, Virginia, with a secondary office in Los Angeles. The firm operates through four integrated service lines: Development Services (build-to-suit projects for public and private sector clients, with 18+ completed), Investment Services (principal acquisitions of single-tenant, mission-critical assets across industrial, government, R&D, and office sectors), Brokerage Services (tenant, landlord, and government leasing advisory, with 40M+ square feet of completed lease transactions), and Asset Management. Its proprietary product is the STAR Evergreen Fund, an open-end value-add fund using an UPREIT structure that provides tax-deferred OP Units to original investors while acquiring single-tenant assets in U.S. secondary and tertiary markets; first closing was $19M in December 2022, followed by a $20M commitment from a Top 125 U.S. corporate pension plan. The fund has completed three acquisitions, including a 326,474 sq ft industrial facility in Yuma, AZ, and $1.3B in single-tenant assets have been acquired, asset managed, or developed across 5.6M sq ft.
The firm's customer base is anchored in federal, state, and local government agencies (FBI, DEA, VA, GSA, USACE, Air Force, Pennsylvania State Police, State of Maine), supplemented by corporate tenants in banking (SunTrust/Truist, Richmond National), technology (Asurion), manufacturing (Associated Materials/Alside), food services (Aramark), and construction (Harvey-Cleary). Marquee transactions include the $101M FBI Atlanta regional headquarters build-to-suit (151,066 sq ft), the DEA 511,000 sq ft 15-year Northern Virginia lease renewal, multiple VA Community-Based Outpatient Clinics, and a $2B Liberty Junction justice center partnership in Springfield, MA. Institutional investor relationships span the STAR Fund Advisory Committee (former Manulife Senior MD Michael McNamara, JDJ Capital CEO Daniel Philips, Peterson Companies General Counsel Nancy McGrath) and co-investors Monarch Alternative Capital and a foreign multifamily office.
Revenue is generated through development and construction management fees, brokerage commissions, asset management fees on owned and third-party portfolios, and carried interest on the STAR Evergreen Fund; pricing is project-specific and quote-based. The firm is led by Co-Founder and Principal of Investment Jeff Toporek, with Managing Director and Partner Norman Dong (former GSA Public Buildings Service Commissioner) leading federal sector work, Executive Managing Director Dan Cain leading development and the logistics/industrial initiative, and Principal Owen Burke leading the STAR Fund and asset management. Co-founders Joseph Delogu and David Stade are retiring effective December 31, 2025, after career totals of $1B and $4B in transactions respectively. Industry recognition includes Washington Business Journal Best Places to Work (2019, 2020, 2024), CoStar PowerBroker and Impact awards, and the GRACRE 2024 Office Lease Transaction of the Year.
FD Stonewater firmographics
Firmographics- Name
- FD Stonewater
- Legal name
- FD Stonewater
- Website
- https://fdstonewater.com
- Company type
- Private
- Founded year
- 1993
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- FD Stonewater is a boutique commercial real estate firm providing development, investment, brokerage, and asset management services, with a primary focus on federal, state, and local government build-to-suit facilities and the STAR Evergreen Fund for single-tenant mission-critical assets.
- Ownership category
- akta.pro rank
Where FD Stonewater is headquartered
LocationHeadquarters
- HQ city
- Arlington
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
FD Stonewater business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Development Services: Build-to-suit development for government and private sector clients; FD Stonewater acts as developer and construction manager, earning development fees on projects such as FBI regional headquarters, VA clinics, and federal office buildings. Over 18 build-to-suit projects completed.
- Investment Management: FD Stonewater manages the STAR Evergreen Fund, L.P., a single-tenant value-add evergreen fund targeting institutional investors. The fund acquires mission-critical single-tenant assets across industrial, government, R&D, and office sectors. Revenue derived from asset management fees and carried interest.
- Brokerage Services: Full-service commercial real estate brokerage including tenant representation, landlord representation, and government leasing advisory. The firm has completed over 40 million square feet of lease transactions and was awarded 2024 Office Lease Transaction of the Year in Richmond.
- Asset Management: Asset management services for owned properties and third-party clients, including portfolio management, tenant relations, and property optimization across government and private-sector assets.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels8 records
FD Stonewater product offering
Product offeringCore offering
FD Stonewater is a boutique commercial real estate firm that develops, invests in, brokers, and manages government-occupied real estate. The firm operates an integrated platform spanning four service lines—Development, Investment, Brokerage, and Asset Management—focused primarily on federal facilities and institutional-grade government-leased assets, including vehicles such as the STAR Fund for investors.
Product overview
FD Stonewater is a boutique real estate development, investment, brokerage, and asset management firm with national capabilities. The company operates through four main service lines: Development Services (build-to-suit projects for government and private sector), Investment Services (single-tenant acquisition and asset management), Brokerage Services (including government leasing advisory), and the STAR Evergreen Fund (a value-add investment fund targeting single-tenant real estate). The firm specializes in government-occupied facilities, federal real estate transactions, and mission-critical single-tenant assets across secondary and tertiary U.S. markets.
Differentiator
Problem solved
Functional benefit
Brands
- STAR Evergreen Fund: FD Stonewater's value-add evergreen fund targeting single-tenant assets pursuing Single Tenant Active Return (STAR) strategy in U.S. secondary and tertiary markets across industrial, government, R&D, and office sectors.
Products and services
- Development Services
- Investment Services (STAR Fund)
- Brokerage Services
- Asset Management Services
Quantifiable outcome
- Delivered $101M FBI Atlanta regional headquarters build-to-suit on time and on budget
- +3 more outcomes
Companies that use FD Stonewater
Customer profileNamed customers15 records
Segments5 records
Ideal customer profiles3 records
FD Stonewater technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
FD Stonewater partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Preiss (The Preiss Company / TPCO)coreFD Stonewater partners with Preiss, a national student housing developer and operator, on luxury 'Signature' brand developments. Two developments near NC State University and University of Tennessee Knoxville are planned for Fall 2027 delivery, adding 1,207+ beds of high-end purpose-built student housing. Capitalization also includes Monarch Alternative Capital as investor. FD Stonewater provides vertically integrated real estate capabilities including investment, development, and asset management.
- J.B. Brown & SonscoreFD Stonewater entered into a Joint Venture agreement with J.B. Brown & Sons — one of the oldest and largest commercial real estate owners in greater Portland, Maine — for development of the VA Community-Based Outpatient Clinic in Portland. The JV entity is FDS JBB Portland LLC. J.B. Brown & Sons contributes local market knowledge and real estate ownership expertise as the development partner.
- Lynxs GroupcoreFD Stonewater and Lynxs Group (a developer specializing in airport facilities worldwide) completed a joint venture acquisition of a multi-purpose industrial hangar and office facility at Grand Junction Regional Airport. P&L Properties also remains a partner in the new ownership structure. FD Stonewater contributed real estate investment expertise; Lynxs Group contributed airport facility development specialization.
- P&L PropertiesminorP&L Properties was the original seller and remains a partner in the joint venture ownership structure for the Grand Junction airport facility. FD Stonewater and Lynxs Group acquired the property from P&L Properties while retaining them as an equity partner.
Scale indicators14 records
Recent moves5 records
Expansion highlights5 records
FD Stonewater competitors and assessment
Company assessmentDirect peers
- CBRE Group: Largest global commercial real estate services firm with a dedicated Federal Lease Advisory Group (FD Stonewater's Tim Lenahan previously led that practice at CBRE). Overlapping CRE brokerage, valuation, and government leasing capabilities directly compete with FD Stonewater for federal mandates.
- JLL (Jones Lang LaSalle): Global CRE services platform offering brokerage, investment management, development, and asset management across all major property types. Competes with FD Stonewater for institutional capital mandates, government leasing work, and integrated CRE mandates.
- Cushman & Wakefield: Global CRE services firm competing across brokerage, valuation, asset management, and government advisory. Directly comparable to FD Stonewater across the integrated platform and federal/state/local government engagements.
- Newmark Group: Public CRE services firm with strong government leasing and investment sales practices. Competes head-to-head with FD Stonewater for federal tenant representation and landlord advisory mandates.
- Colliers International: Global CRE services firm with comparable brokerage, investment, and project management capabilities. Directly comparable in delivering integrated mandates to government and institutional clients.
- Avison Young: Privately held, employee-owned global CRE services firm with an integrated brokerage, investment, and project management model. Most structurally comparable peer to FD Stonewater's boutique integrated platform.
- Transwestern: Privately held commercial real estate firm offering brokerage, investment, and asset management services. Comparable boutique-style integrated CRE platform competing in similar secondary markets and tenant segments.
- Lincoln Property Company: Privately held national CRE services firm offering investment, development, brokerage, and property management. Comparable integrated platform competing for build-to-suit and institutional mandates.
Broad incumbents
- Walker & Dunlop: Public CRE finance and investment sales platform with government-sponsored enterprise lending focus. Comparable in the commercial real estate capital markets and government-adjacent lending space, though more weighted toward financing than development.
Regional players
- B.F. Saul Real Estate: Washington DC-area diversified real estate company with commercial development, brokerage, and multifamily operations. Comparable focus on mid-Atlantic federal and institutional tenant markets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
FD Stonewater social profiles
Digital presenceFD Stonewater financial estimates
Financial estimateRevenue estimate
Valuation estimate
FD Stonewater leadership team
Management profileNumber of profiles
Profiles14 records
FD Stonewater subsidiaries and ownership
Company hierarchySubsidiaries1 record
FD Stonewater funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FD Stonewater M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FD Stonewater
What does FD Stonewater do?
FD Stonewater is a boutique commercial real estate firm that develops, invests in, brokers, and manages government-occupied real estate. The firm operates an integrated platform spanning four service lines—Development, Investment, Brokerage, and Asset Management—focused primarily on federal facilities and institutional-grade government-leased assets, including vehicles such as the STAR Fund for investors.
Is FD Stonewater a public or private company?
FD Stonewater is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was FD Stonewater founded?
FD Stonewater was founded in 1993. It employs 11 to 50 people.
Where is FD Stonewater based?
FD Stonewater is headquartered in Arlington, United States, in the North America region.
How does FD Stonewater make money?
Four revenue lines are on record. Development Services are the primary driver. The others are investment Management, brokerage Services and asset Management.
Who are FD Stonewater's main competitors?
Direct peers on record are CBRE Group, JLL (Jones Lang LaSalle), Cushman & Wakefield, Newmark Group, Colliers International, Avison Young, Transwestern and Lincoln Property Company. Walker & Dunlop is listed as a broad incumbent. B.F. Saul Real Estate is listed as a regional player.
Does FD Stonewater have an API?
No public API is recorded for FD Stonewater.