Stylianos Christofides at ICG Properties Stelios Christofides and David Stern Multimillion dollar shell game taking place blocks away from the White House Washington, District of Columbia

ICG Properties based in Washington DC is a controversial real estate development company located literally steps away from the White House. It is controlled by an accused fraudster Ibrahim Elwan who has since fled to Dubai after swindling the World Bank out of hundreds of millions of dollars. Now his company is at it again. The recent shell game involves $101 million dollars of shifting assets around between ICG, Cassidy Turley and JBG with little transparency about the deal. The deal comes just a few years after ICG announced a similar "recapitalization" project valued at $100 million with Westbrook partners.

This time however, REBusiness online reports that ICG wasn't part of the deal and was represented by one of the other parties (see below).

CASSIDY TURLEY ARRANGES $101.5 MILLION IN OFFICE DEALS

March 21, 2011

WASHINGTON, D.C. Cassidy Turley has arranged two big office deals in Washington, D.C. between Chevy Chase, Md.-based JBG Companies and local firm ICG Properties. JBG purchased a two-building property outright from ICG and acquired an equity stake in another of the company's office buildings in a deal valued at $101.5 million.

JBG purchased Georgetown Center, a two-building, 293,845-square-foot office property located at 2115 and 2121 Wisconsin Ave. The property was 92 percent leased at the time of closing and is anchored by Georgetown University and MedStar Health, which take advantage of the property's close location to the Georgetown campus and its hospital.

JBG became ICG's equity partner in 1600 K Street, an 86,606-square-foot office building located two blocks from the White House. The property was 87 percent leased at the time of closing, and restaurant PJ Clarke's recently signed a lease for ground-floor commercial space within the building.

The Cassidy Turley team of Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy represented ICG Properties in the deal.

Coleman Wood