Constitution Square Parcel Trades for $122M

WASHINGTON, DC-A joint venture involving affiliates of Walton Street Capital LLC and StonebridgeCarras LLC has acquired ownership of a seven-acre slice of land known as Constitution Square for $121.9 million. Akridge was the seller.

The firm had tapped Cassidy & Pinkard to orchestrate the disposition. Akridge had acquired the site from First and M Investing Co. in 2003.

Located at 100M St. NE, Constitution Square is in Washington, DC’s NoMa Corridor, which will soon be home to the new 400,000-sf Bureau of Alcohol, Tobacco, Firearms and Explosives headquarters. Under Akridge’s tenure, the site had originally been slated to become a two-million-sf office and retail complex called Capital Square, with more recent plans for the renamed Constitution Square encompassing an 11-structure commercial compound.

The new owners–who relied on LaSalle Bank NA to finance the property acquisition–are picturing a project that included not only office and retail segments, but residential options, as well. “This site affords us the opportunity to develop a truly mixed-use project from the initial phase that will create an 18-hour environment for working, living and entertainment,” StonebridgeCarras principal Douglas M. Firstenberg says.

While the master plan is still in the works, the team has decided that the initial phase of the endeavor will feature an office structure and a residential tower with ground-level retail space. Work on the first phase is on target to get under way early next year.