Today's print edition of the Washington Business Journal reports
that the Blue Castle at 770 M Street
has sold again, this time for $25 million to Madison Marquette
. The company's managing director of investment told WBJ that the building could be refurbished as a mixed-use development that would serve as an anchor to Barracks Row, and that "the space probably will have one or more major retailers as well as restaurants, an office or residential component and possibly a grocery store." The groups currently in the building have leases that expire in 2012. Preferred Real Estate Investments bought the building in December 2005 for $20.2 million, saying at the time
that the building was ideal for retail stores such as a Barnes & Noble bookstore and a Whole Foods grocery, and that they hoped to start construction in 2007.