Principals

Douglas M. Firstenberg, a founding principal of Stonebridge, focuses on strategic planning and project conceptualization and takes a primary role in major transaction negotiation. He also co-manages StonebridgeCarras. He has more than 25 years of experience working on complex real estate financing and directing the implementation of the firm's strategic plans.

Examples of Mr. Firstenberg's work at Stonebridge include:

Overseen real estate projects in excess of 10 million square feet and $2.5 billion in costs.
Negotiated acquisitions and joint ventures in excess of
$1 billion.
Negotiated debt financings in excess of $1 billion.
Negotiated leases for more than 4.0 million square feet
of space.
Created structures for not-for-profit clients that maximize opportunities, using techniques such as ground leases, public/private partnerships and combining public institution debt placement and real estate tax exemption with private sector development programs.

Education and Affiliations:

Duke University, B.A.

Corporate Office Properties (NYSE) Trust Board of Trustees, 2007 – Present
NoMa Business Improvement District, Founding Board Member, Treasurer, 2007 – Present
Montgomery College Foundation Board,
2005 – Present, Board Chair, 2007 – Present
Montgomery County Chamber of Commerce Board of Directors, 2002 – 2005
Duke University's Terry Sanford Institute of Public Policy Board of Visitors, 1991 – 2004
Duke Club of Washington, 1999 – Present, President, 2000 – 2002
Duke University's Executive Leadership Board of Washington, 1991 – 1996
Washington Scholarship Fund Board of Directors, 1993 – 1997

Ellen G. Miller, a founding principal of Stonebridge Associates and principal of StonebridgeCarras, directs Stonebridge’s real estate advisory work of the firm, drawing on over 25 years of diverse experience. Ms. Miller represents a range of clients and has a specialty in serving clients in the not-for-profit sector and those where multiple client objectives are involved.

Ms. Miller has rezoned hundreds of acres for clients and negotiated transactions for acquisition and disposition of diverse properties. A sampling of Ms. Miller’s range of client service includes:

Main Line Health Systems, Inc., Bryn Mawr, Pennsylvania. Created a limited partnership to manage and develop over $50 million in non-core assets including the sale of excess assets and the creation of new zoning districts for three hospital campuses. Asset value more than doubled during the period of management.
Merrill Lynch, Hopewell Township, New Jersey. Development advisory consulting and transaction services for a 900 acre land development owned by Merrill Lynch, with over 1.5 million square feet of office in place and a million square foot new hospital planned to begin construction in 2008.
University of North Carolina at Chapel Hill. Strategic and financial planning for a new 1000 acre Carolina North campus.
Princeton Forrestal Center, Princeton New Jersey. Managed the infrastructure development of 1700 acre mixed use development owned by Princeton University. Land lease and sale negotiations for over 3 million square feet of development.
Johns Hopkins University, Baltimore, Maryland. Strategic and transaction structuring for an urban mixed-use student housing/retail project adjacent to the main campus.
Duke University, Durham, North Carolina. Sale of excess land assets.

Education and Affiliations:

Wellesley College, B.A.
Stanford University, MBA

Trustee of Wellesley College
1993 – 1996, 1997 – Present; Member of Executive Committee and Chair, the Landscape and Buildings and Governance Committees.
Wellesley College Campus Master Plan Steering Committee, Chair, 1996 – 1997
Wellesley College Alumnae Association, President,
1993 – 1997
Kennedy Center’s National Symphony Orchestra, Board of Trustees, 2000 – 2002
Children’s Chorus of Washington, Board of Directors
1999 – 2002
Jubilee Support Alliance, Board of Directors
1988 – 1994; Advisory Council 1994 – 1998
Leadership Washington, Class of 1993

Jane Galbraith Mahaffie, a principal at Stonebridge, focuses on strategic analysis, entitlement processes and management of development projects. Her experience includes strategic planning, entitlement and development project management for more than 4.7 million square feet of space and construction projects in excess of $500 million.

Examples of Ms. Mahaffie’s projects at Stonebridge include:

Lot 31/31A Bethesda, Md.: Directing the entitlement and development efforts of this public/private development partnership on 3.3 acres of land in Bethesda, Md with Lot 31 Associates, LLC and Montgomery County. The development includes 1400 space public/private parking garage, over 375,000 square feet of mixed-use retail and residential development and the closure and realignment of Woodmont Avenue.
Chevy Chase Center, Chevy Chase, Maryland. Directed the base building and tenant development of this 412,000 square foot, $160 million mixed-use redevelopment that included the first luxury retail center in Montgomery County.
Bryn Mawr Hospital, Bryn Mawr Pennsylvania. Managed the creation of a campus development plan for the 13 acre, 780,000 square foot site to include a potential development of more than 1.5 million square feet.
Duke University, Durham, North Carolina. Represented Duke’s joint venture interest in 1,400 acre residential and commercial land development.
A.T. Kearney, Alexandria, Virginia. Managed the design and construction for this 90,000 square foot regional headquarters.
University of Virginia Foundation, Charlottesville Virginia. Directed the development of a 60,000 square foot office / research building in Fontaine Research Park.

Education and Affiliations:

The Catholic University of America, B.S. Architecture
Southern Methodist University, M.B.A.

Bethesda Arts and Entertainment Board Member 2006 – present
Jubilee Support Alliance, Advisory Committee 2004 – present
Jubilee Support Alliance, Board President 2001 – 2002
Jubilee Support Alliance, Board Member 1999 – 2004
CREW, Community Services Committee 2003 – 2005, 2008 – present
District of Columbia Public Schools Facilities Planning Committee, Co-Chair 2000 – 2001

Kevin S. Cosimano, a principal at Stonebridge, supports the firm’s development efforts and serves as project manager for both entitlement and construction properties. He has a comprehensive range of experience in both domestic and international commercial development projects totaling more than $1 billion, with primary focus on predevelopment and construction management.

Examples of Mr. Cosimano’s projects at Stonebridge include:

Constitution Square, Washington, D.C. Directing the Master Plan and development efforts for this seven acre (entire city block) site in the emerging NoMa area of Washington, D.C. This 10-year project will include over 2.5 million square feet of commercial office, retail and residential in a true mixed-use environment.
Chase Point, Washington, D.C. Directed the pre-development activities of this site to gain approvals to develop an 185,000 square foot residential project. Served as Owner’s Representative during construction.
Main Line Health System, Philadelphia, Pa. Managed the realignment and redevelopment of existing medical office buildings and land use opportunities.
Two Bethesda Metro Center, Bethesda, Md. Oversaw the completion of the base building and tenant improvements for this 277,000 square foot first class office building.
333 John Carlyle, Alexandria, Virginia. Directed the development of this two phase, 230,000 square foot first class office building.

Education and Affiliations:

Duke University, B.A.

Montgomery Youth Lacrosse Association 2001 – present
Woods Academy, Board of Trustees 2003 – 2005
Woods Academy, Building and Grounds Committee 2001 – 2006
Instructor, STX Lacrosse Camps 2002 – 2005
Kentlands Historical Trust Board 1999 – 2000

Kent T. Marquis, a principal at Stonebridge, focuses on financial strategies and directs asset management. His responsibilities include directing the underwriting of all potential investment properties, management of the firm's investment assets and various real estate assignments for investment, development and not-for-profit clients.

Examples of Mr. Marquis' projects at Stonebridge include:

Lot 31/31A Bethesda. Developed the financial strategy and public/private partnership financial structure for a 375,000 square foot, mixed-use project in Bethesda, Maryland.
Constitution Square. Developing financial analysis and implementing the financing strategy for this 2.5 million square foot, 10 year development in Washington, D.C.
Live Oak Real Estate Trust. Completed sale of investment portfolio of this 900,000 square foot portfolio with properties in Atlanta and Raleigh.
Two Bethesda Metro Center, Bethesda, Maryland. Directed the asset management and supervised the leasing program for this 277,000 square foot first-class office building. In 2006, recommended and managed the successful sale of minority ownership interest.
Chevy Chase Center, Chevy Chase, Maryland. Directed the construction and permanent financing effort for this 412,000 square foot $160 million redevelopment project.
Wake Forest University. Directing the formulation of a strategic plan and financial analysis of off-campus, University owned real estate.
Johns Hopkins University, Baltimore, Maryland. Multiple real estate assignments providing strategic and financial structuring of off campus assets.

Education and Affiliations:

Husson College, B.S.
Certified Public Accountant

Long Branch Athletic Association, Founding Treasurer & Board Member 2002 – present
The Real Estate Group, Member 2003 – present

Susan Barnes Carras, a principal of StonebridgeCarras, has been active in real estate finance and investment for over 30 years. She is a licensed real estate broker in Washington D.C., Maryland and Virginia and has been a “top award” winner of the Greater Washington Commercial Association of Realtors.

Prior to joining StonebridgeCarras, Ms. Carras was responsible for the creation and direction of Cassidy & Pinkard/Sonnenblick-Goldman, the successful joint venture of the two firms in Washington, D.C. The venture closed $3 billion in award-winning investment sale, finance and joint venture transactions in a region extending from Atlanta to Philadelphia. She joined Sonnenblick-Goldman in 1984 in Miami, Florida and went on to become a principal and head offices in Tampa, Florida and Washington, D.C. Ms. Carras began her career in 1976, at Chase Manhattan Bank where, after completing the firm’s Global Credit Training Program, she was a lending officer in the Real Estate Finance Division conducting credit-based lending in the Southeast.

The range of Ms. Carras’s experience in the Washington, D.C. region includes:

Directed the sale of 15 million square feet of investment grade real estate.
Managed transactions with an aggregate value in excess $2 billion.
Involved in the sale, refinancing or capital restructuring of such landmark properties in the Washington D.C. market as the Evening Star Building, One Franklin Square, The Warner, the McPherson Building, Potomac Tower, Rock Spring Park, the Hyatt Washington and the Park Hyatt.
Recipient of Greater Washington Commercial Association of Realtors “Top Sales”, “Top Financing” and “Number One-Sales, District of Columbia” Awards.

Education and Affiliations:

Lafayette College, B.A. magna cum laude

Urban Land Institute, Member
Greater Washington Commercial Association of Realtors, Lafayette College, Board of Trustees – 1996 – present
McLean School of Maryland, Potomac, MD – Board of Trustees, 2006 – present
Lafayette College, Chair Annual Fund, 2004 – 2007
Lafayette College, Chair Marquis Society, 2001 – 2003

Michelle F. Coates serves as a financial analyst for the firm on a variety of projects. Her responsibilities include the preparation and maintenance of the financial models, day-to-day support of the reporting requirements to investment partners and accounting for the firm’s investment assets. In addition, Ms. Coates supports the firm’s project teams on various consulting and advisory engagements.

Examples of Ms. Coates projects at Stonebridge include:

Live Oak Real Estate Trust. Preparation of quarterly and annual reporting to Trustees of this 900,000 square foot commercialportfolio with properties in the Buckheadsection of Atlanta and Research Triangle Park.
Two Bethesda Metro Center, Bethesda, MD. Maintenance of the investment model and periodic reporting to the partners of this 277,000 square foot first class office building.
Chevy Chase Center, Chevy Chase, MD. Support for the leasing and financing effort of a 412,000 square foot office and retail redevelopment.

Education and Affiliations:

Mount Saint Mary’s College, Emmitsburg, MD, B.S.

George A. Carras, a co-founder and co-manager of StonebridgeCarras, has been involved in real estate investment and finance for over 25 years.

Prior to forming StonebridgeCarras, Mr. Carras spent four years as a managing director, partner and investment committee member of Blackstone Real Estate Advisors, an affiliate of The Blackstone Group, where he had the lead role in over $1 billion of real estate transactions.

From 1984 until 1994, Mr. Carras was with JMB Realty Corporation, where he served as executive vice president of acquisitions, and senior portfolio manager. While at JMB, he headed acquisition offices in Miami, Tampa, Philadelphia and Washington, D.C. After JMB’s 1994 sale of its institutional real estate advisory business to United Asset Management (“UAM”), he joined UAM’s affiliate, Heitman Financial Ltd. to head the firm’s East Coast acquisitions office.

Mr. Carras's experience involves a broad range of activities including land and improved property acquisitions, joint ventures, entity transactions, buying distressed assets, acquisition and redevelopment of surplus corporate real estate and large portfolio transactions. On a national basis, he has acquired over 20 million square feet of real estate, and in the Washington, D.C. area, he has acquired in excess of 8 million square feet, including office, residential, industrial, retail and land.

Education and Affiliations:

University of Maryland, BS magna cum laude
Indiana University Graduate School of Business, MBA

Urban Land Institute, Member
D.C. Building Industry Association, Member

The principals of Stonebridge and StonebridgeCarras are committed to creating value and developing projects that will have a lasting impact on the community. A key to the success of the firm is the personal involvement of the principals in every project.
Please select one of the principals below: