The building, which is 100% leased, once housed trolley andcable cars that traveled the loop from the White House, Capitol andNavy Yard. It is now home to several charter schools that willremain tenants until the leases roll over in 2012, Shister tellsGlobeSt.com. When the tenants are out of the building, Madison hasplans to redevelop it into a retail project.
The 770 M St. trade provides further proof that the District'sWaterfront is the city's engine of growth, at least for the moment.There is not much land available in the CBD and prices in the EastEnd are astronomical, Tonya Ginter, director of market research atGVA Advantis tells GlobeSt.com. "It is one of the markets thateveryone is looking towards for future development," she says. 770M St. is directly across the street from the Washington Navy Yardand relatively close to the Nationals Stadium, which is set to opensoon.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
