Located just north of the US Capitol and Union Station, the sitecan accommodate up to 2.6 million sf of total density. It alreadyhas an existing 422,760-sf building on it located at 131 M St. NE.The entire package, according to sources, is expected to tradenorth of $300 million or more.
As is always the case, location is key. "NOMA, now a submarketof Capitol Hill, is one of the last frontiers in the Washingtonarea when you talk about land and when you talk about proximity tothe nation's capitol," says Nick Pappas, managing director ofEastdil Secured LLC, which is representing Bristol. NOMA is withinan eight-block proximity of Capitol Hill, he adds.
Activity in recent months has simply exploded, as the submarketreceived businessimprovement district status and the $1billion or so worth of development that has begun todeliver in the area is trading for premium prices.
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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.
