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WASHINGTON, DC-Preferred Real Estate Investments Inc. has purchased the historic 100,000-sf office building located adjacent to the Navy Yard at 770 M St. SE for $20 million. The firm purchased the former cable car repair site, dubbed the “Blue Castle” by locals, from 770 LP and plans to convert it to a retail facility.

The building is presently home to three schools, including Washington Math Science Technology Public Charter High School, which signed a 10-year lease for 71,300 sf in 2002. Preferred is assisting in the tenants’ relocation. As per District records, the property has a current assessed value of $12.5 million.

Plans for the redevelopment of the century-old Blue Castle come as the surrounding Anacostia Waterfront neighborhood begins a transformation sparked by the impending construction of the new Washington Nationals baseball stadium. Preferred, based in Conshohocken, PA, plans to begin the redevelopment endeavor in 2007.

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