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April 3, 2012
Half at M, Looking South-Southwest (see more)

While normal people have spent their weekend recreating and taking it easy, I've been trying to find out more about the just-announced foreclosure sale of 100 M, the 220,000-square-foot office building that has been tied up in Opus East's Chapter 7 liquidation.
My big question was about why this is being billed as a sale of a "60-Year Leasehold Interest," and what I've found out is that Opus never owned the land, but instead had entered into a lease with and paid rent to the landowners. (Who are the people behind "Square 743 Inc"? I'd love for someone to tell me!) When Opus's operations went south, their lender (Bank of America) stopped funding the construction loan, so contractors stopped being paid, liens were filed, bankruptcy case got ugly, etc. etc.; basically, it's been a mess.
BoA is now washing its hands of it all, and is looking to get back some amount of the $58 million currently owed on the construction loan. (The land ownership is not being foreclosed on.) I've heard that BoA contracted with CB Richard Ellis earlier this year to sell the loan, and there's speculation that BoA may have a deal with an investor already, even though the Notice of Foreclosure Sale still lists BoA as the holder of the note. This would be similar to the way JPI's empty lot at 23 I Street changed hands a year ago, with SunTrust Bank selling the note to Ruben Companies, who then instituted foreclosure proceedings and took ownership of the property when no bidders came forward.
However, while the word "foreclosure" usually conjures up feelings of doom and gloom, for 100 M this should be a step up from Opus's liquidation. Instead of continuing to be tied up with companies and lenders and courts who have no interest or wherewithal to spend the money needed to clean up the mess and to market and lease the building's office and retail spaces, there may now be at least one investor--and maybe others, if the foreclosure sale brings bidders--who feels that the building is worth taking a gamble on now for a return on investment later. (Though it's worth noting that there is not a similar feeling of optimism about any new office projects in the area any time soon, with on-spec construction still completely DOA.)
We shall see how it all shakes out.
The auction is scheduled for Oct. 28 at noon, so this building can be yours for a mere $5 million deposit and an all-cash winning bid. It's currently 43 percent leased.
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City Government Data for Near Southeast Records added or updated recently displayed here; click the "archive" links to see additional detail and older records. All data from DC Government databases and RSS feeds. JDLand takes no responsibility for errors, omissions, etc. (read CapStat disclaimer). Data is retrieved daily.

Recent Crime Incidents Archive  
200 B/O VIRGINIA AVE SE   MOTOR VEHICLE THEFT /  07/10/14
900 B/O HALF ST SE   THEFT F/AUTO /  07/10/14
100 B/O M ST SE   THEFT /  07/09/14
4TH ST SE AND L ST SE   ROBBERY /  07/08/14
800 B/O POTOMAC AVE SE   THEFT /  07/07/14
300 B/O K ST SE   THEFT F/AUTO /  07/07/14
1100 B/O NEW JERSEY AVE SE   THEFT /  07/05/14
100 B/O L ST SE   THEFT F/AUTO /  07/04/14
1100 B/O 2ND PLACE SE   THEFT F/AUTO /  07/03/14
2ND PLACE SE AND I ST SE   THEFT F/AUTO /  07/02/14
70 B/O I ST SE   ROBBERY / GUN  07/02/14
200 B/O I ST SE   THEFT F/AUTO /  07/02/14
400 B/O M ST SE   MOTOR VEHICLE THEFT /  06/30/14
UNIT B/O M ST SE   THEFT F/AUTO /  06/30/14
70 B/O I ST SE   THEFT /  06/29/14
1100 B/O 1ST ST SE   THEFT F/AUTO /  06/28/14
900 B/O 4TH ST SE   THEFT /  06/28/14

Active Public Space Permits Archive  
1011 1ST ST SE    Pepco Holdings Inc 
Issued
excavation; new  
 06/26/14
to
08/26/14
1331 2ND ST SE    Carlton Ray 
Assigned
paving; streetfixture; excavation  
 02/10/14
to
02/09/15
804 3RD ST SE    Maximiliano Villagra 
Issued
streetfixture; new  
 08/05/14
to
08/06/14
904 3RD ST SE    Janel Fitzhugh 
Issued
streetfixture; new  
 07/01/14
to
08/14/14
908 3RD ST SE    Rachel Frankel 
Issued
streetfixture; new  
 07/24/14
to
09/21/14
1026 3RD ST SE    Wash Gas & Light Co. 
Issued
excavation; new  
 06/26/14
to
09/04/14
1331 4TH ST SE    Forest City Forest City 
Issued
excavation; new  
 01/10/14
to
02/10/15
913 5TH ST SE    Wash Gas & Light Co. 
Issued
excavation; new  
 06/26/14
to
08/28/14
1100 - 1199 BLOCK 1ST ST SE    tom cash 
Issued
excavation; new  
 06/27/14
to
08/25/14
410 M ST SE    Pepco Holdings Inc 
Issued
excavation; new  
 07/11/14
to
09/08/14
800 NEW JERSEY AVE SE    Pepco Holdings Inc 
Issued
excavation; new  
 06/20/14
to
08/22/14
880 NEW JERSEY AVE SE    WASHINGTON GAS 
Issued
excavation; new  
 06/17/14
to
08/17/14
    WASHINGTON GAS 
Issued
excavation; new  
 07/28/14
to
09/26/14
1105 NEW JERSEY AVE SE    Wash Gas & Light Co. 
Issued
excavation; new  
 06/13/14
to
08/11/14
301 TINGEY ST SE    Potbelly Sandwich Works LLC 
Issued
new  
 03/21/12
to
11/27/14

Recent Issued Building Permits Archive  
1025 1ST ST SE   
07/26/14 
NA NA NA
EHOP1490737 / HOME OCCUPATION
1100 1ST ST SE   
07/15/14 
NA NA NA
EHOP1490710 / HOME OCCUPATION
1212 4TH ST SE   
07/11/14 
FC 1212 LLC /
P1406926 / SUPPLEMENTAL
   
07/14/14 
MIKE LENARD / BHAR; W. SAKIE BHAR
SG1400363 / CONSTRUCTION
INSTALL ONE SET OF BUILDING SIGN ON TO EXISTING BUILDING
1331 4TH ST SE   
07/09/14 
UNITED STATES OF AMERICA / RONALD C. CAYTON
E1406628 / SUPPLEMENTAL
1103 9TH ST SE   
07/25/14 
ICP PARTNERS POTOMAC 810 LLC / TALBERT DOWLING
E1407537 / SUPPLEMENTAL
1220 12TH ST SE   
07/16/14 
FAIRBANKS MORSE ENGINE / EVAN O'BRIEN/ D MCKEEVER SERVICES
B1409041 / CONSTRUCTION
INTERIOR ALTERATION TO EXISTING 2578 SF OFFICE SPACE. AFFECTED AREA LESS THAN 1000 SF TO CREATE DEMISING WALL AND MINOR ALTERATIONS TO PARTITION PLAN IN CONFERENCE AREA. MECHANICAL AND ELECTRICAL WORK INCLUDED.
326 L ST SE   
07/17/14 
NA NA NA
EHOP1490715 / HOME OCCUPATION
55 M ST SE   
07/16/14 
HINES GLOBAL REIT 55 M STREET LLC / TYRAN D. BRANNUM
E1407255 / SUPPLEMENTAL
20 M ST SE   
07/17/14 
SOUTHEAST REALTY LLC / JOHN GIUSEPPE-RAMCO
TL1400132 / CONSTRUCTION
FIRST TIME TENANT BUILDOUT FOR FAST FOOD ESTABLISHMENT - SUBWAY SANDWICH SHOP SEATING 41 AS SHOWN ON THE ATTACHED ARCH. MECH. PLUMB. ELECT AND FIRE PROTECTION DWGS. INTERIOR WORK ONLY.
55 M ST SE   
07/15/14 
HINES
B1409693 / CONSTRUCTION
INSTALL 6 AUTOMATIC DOOR OPERATORS LOCATED AT THE ELEVATOR LOBBIES BETWEEN THE 4TH-7TH FLOORS
901 M ST SE   
07/15/14 
CARLTON RAY
AH1400584 / CONSTRUCTION
TO PERFORM TEMPORARY LANE CLOSURES
1201 M ST SE   
07/15/14 
CARLTON RAY
AH1400585 / CONSTRUCTION
TO PERFORM TEMPORARY LANE CLOSURES
800 NEW JERSEY AVE SE   
07/14/14 
NEW JERSEY AT H LLC / COLIN CLARK
B1409654 / CONSTRUCTION
REVISION TO PERMIT #SH1400039 FOR A OWNERSHIP CHANGE
1000 NEW JERSEY AVE SE   
07/11/14 
CAPITOL HILL TOWER HOUSING COOPERATIVE INCF / RICHARD G. FINFROCK
P1406902 / SUPPLEMENTAL
   
07/11/14 
CAPITOL HILL TOWER HOUSING COOPERATIVE INCF / BRANDON K VIERNES
M1402531 / SUPPLEMENTAL
   
07/22/14 
CAPITOL HILL TOWER HOUSING COOPERATIVE INCF / DONALD R. MCGLYNN
E1407426 / SUPPLEMENTAL
1236 SOUTH CAPITOL ST SE   
07/11/14 
1244 SOUTH CAPITOL RESIDENTIAL LLC / GEOCAPITOL ENGINEERING LLC
SB1400340 / CONSTRUCTION
WE PROPOSE DRILLING THREE SIX-INCH DIAMETER GEOTECHNICAL TEST BORINGS USING THE HOLLOW STEM AUGER METHOD TO EVALUATE THE SUBSURFACE CONDITIONS. THE PROPOSED TEST BORING DEPTHS WILL BE 80 FEET BELOW THE EXISTING GROUND SURFACE. DRILLING EQUIPMENT WILL BE DECONTAMINATED BETWEEN EACH HOLE TO AVOID CROSS CONTAMINATION THROUGHOUT THE SITE. UPON COMPLETION THE GEOTECHNICAL TEST BORINGS WILL BE BACKFILLE...
1244 SOUTH CAPITOL ST SE   
07/11/14 
1244 SOUTH CAPITOL RESIDENTIAL LLC / GEOCAPITOL ENGINEERING LLC
SB1400341 / CONSTRUCTION
WE PROPOSE DRILLING TWO SIX-INCH DIAMETER GEOTECHNICAL TEST BORINGS USING THE HOLLOW STEM AUGER METHOD TO EVALUATE THE SUBSURFACE CONDITIONS. THE PROPOSED TEST BORING DEPTHS WILL BE 80 FEET BELOW THE EXISTING GROUND SURFACE. DRILLING EQUIPMENT WILL BE DECONTAMINATED BETWEEN EACH HOLE TO AVOID CROSS CONTAMINATION THROUGHOUT THE SITE. UPON COMPLETION THE GEOTECHNICAL TEST BORINGS WILL BE BACKFILLED ...
300 TINGEY ST SE   
07/23/14 
CM-YARDS LLC / DWIGHT SMITH
B1408815 / CONSTRUCTION
INSTALL OUTSIDE SEATING SUMMER GARDEN.
201 TINGEY ST SE   
07/11/14 
JBG COMPANIES / GEORGE DELGADO
B1409541 / CONSTRUCTION
ONE DAY SPECIAL EVENT FOR BMW SHOW--150 OCCUPANTS EXTERNAL GENERATOR RESTROOMS AND LIGHTING BAY DOORS TO REMAIN OPEN DURING FUNCTION
   
07/22/14 
JBG/SEFC 170 LLC / MICHAEL B. BELL
E1407422 / SUPPLEMENTAL
300 TINGEY ST SE   
07/08/14 
FVI 2020 / STEPHEN ADAMS; FVI 2020; STEPHEN ADAMS
E14277468 / SUPPLEMENTAL
   
07/10/14 
FORREST CITY AT THE YARDS / CRIS FLACK
TL1400123 / CONSTRUCTION
REVISION TO B1402734 FOR REVISIONS TO MECHANICAL AND ELECTRICAL SYSTEMS.
AH = After Hours; B = Alteration & Repair; D = Demolition; E = Electrical; FB = Boiler; M = Mechanical; P = Plumbing and Gas; PC = Post Card; R = Raze; SG = Sign; TL = Tenant Layout; TN = Tent; RW = Retaining Wall;

Real Property Sales Archive  
No commercial transaction records added or modified in the past two weeks.


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