WASHINGTON, DC-One of the Baseball District's iconic--for that submarket at least--buildings is going to market. The Monument Realty-owned 55 M St., SE, will be marketed by Eastdil Secured.

The 267,399-square-foot building is located on top of the Navy Yard Metrorail Station and is 90% leased, with the District's Department of Transportation and the GSA-FAA as its largest tenants. The building also features 12,486 square feet of retail space.

The building is located in the Capitol Riverfront--aka the Baseball District--which is slowly morphing from largely office enclave to the vaunted work-live-play model for all emerging markets strive. For example, a Harris Teeter, Vida Fitness, Gordon Biersch and several new restaurants are expected to open in the area within a year. As another example, Skanska USA Commercial Development and Grosvenor Americas announced last year plans to develop a mixed-use complex of more than 650,000 square feet in the neighborhood.

When current development is complete, the Ballpark District will have 10,900 multifamily units and 950,000 square feet of retail space. Still, though, the dominant development meme of the 36.9 million square feet of commercial space underway in the market is office. So far that is a positive for owners and investors of this asset class there. As Eastdil Secured's Collins Ege says in a prepared statement, 55 M St., SE, "offers an investor a secure income stream with upside on the residual value."

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Baseball District Building Goes on the Market

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