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WASHINGTON, DC-A historic building in DC’s southeast neighborhood has traded hands. Madison Marquette purchased 770 M St. from Preferred Unlimited for an undisclosed price. A source confirmed for GlobeSt.com that the 99,984-sf building traded at close to $25 million. Jayne Shister, Paul Collins, and Christopher Woods of Cassidy Pinkard Colliers represented the seller.

The building, which is 100% leased, once housed trolley and cable cars that traveled the loop from the White House, Capitol and Navy Yard. It is now home to several charter schools that will remain tenants until the leases roll over in 2012, Shister tells GlobeSt.com. When the tenants are out of the building, Madison has plans to redevelop it into a retail project.

The 770 M St. trade provides further proof that the District’s Waterfront 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 East End are astronomical, Tonya Ginter, director of market research at GVA Advantis tells GlobeSt.com. “It is one of the markets that everyone is looking towards for future development,” she says. 770 M St. is directly across the street from the Washington Navy Yard and relatively close to the Nationals Stadium, which is set to open soon.

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