"Speaking on condition of anonymity because they are not authorized by Kaplan to discuss the company's plans, the sources say Kaplan hired the real estate brokerage firm Jones Lang LaSalle and has been seeking up to 130,000 square feet in the Capitol Riverfront Business Improvement District, around the Nationals' park, so it can open a law school there in 2013."

There's not much additional meat in the story, other than saying that Akridge (which owns the Half Street block northwest of the ballpark) is one of the developers vying for Kaplan's attentions. There's certainly a number of planned office buildings that could accommodate 130,000 square feet, and maybe the credit markets have shaken out enough that a lease taking 50 percent-ish of a building would be enough to get a construction loan. But there's also the issue of whether some proposed federal aid rules might hamper Kaplan's plans for expansion. [Full disclosure: Kaplan is owned by the Washington Post Co., my corporate overlords in my non-JDLand real life.]

We shall see....

They are also negotiating with adjacent parcels (which Batterson alluded to a few weeks ago, which by his description seems to include the empty lot on 7th), to make the "campus" somewhere between 50,000 and 75,000 square feet of developed space when completed. Batterson hopes to break ground within a year, with construction taking 12 to 18 months (so, probably 2013).

With a coffee house/performance space/church at the north end of the block and a beer garden at the south end, I may have to dub this spot the Saints and Sinners Stretch of 8th Street.

This appears to be Northwood's first foray into the DC market, and the rumor is that they plan to hold 100 M and get it leased up. Perhaps the DC biz media will have more on this sale in coming days....

As I wrote about previously, this sale was for the building itself and not the land, since 100 M's developers (Opus East) never bought the land and instead paid rent to the owners. You can read more about the building's history here; it opened in late 2008 and is currently about 43 percent leased.

[*My exile from blogging is coming to an end soon, I promise--though there really hasn't been much going on this week that I feel like I've missed completely, since I have managed to tweet from time to time.]

Given Batterson's description that the church will now have frontage on 7th, 8th, Virginia, and L, it would appear that the new lot under contract is the empty one directly across from the Marine Barracks on 7th, where a few years back a small developer had dreams of an apartment building, but never followed through; the lot then sold for $400,000 through a foreclosure sale last year.

Batterson says that this lot will enable NCC to add about 15,000 square feet to their final footprint--"and I don't think we're done yet." (Maybe that auto garage on the southeast corner of 7th and K is noticing that the church will soon own the land on both sides of it.)

The church is buying the properties because they're running out of space for services and staff at Ebenezers, Batterson has written. There's been no official announcement of what exactly they're planning for the site, but in a tweet to me right after I wrote about the first land purchase, Batterson said, "definitely another Ebenezers and we'd like to design a theater."

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.

The 100 M auction is scheduled for Oct. 28 at noon; I admit to being pretty clueless on foreclosures and auctions and CRE minutiae, so I don't know if the fact that it is technically an auction of a "60-Year Leasehold Interest" in the building has any significance to us lay folks. I imagine the business press will have more on this story.

According to the auctioneers, 100 M is currently 43 percent leased.

(And, by the way, the blue sky in the above image is not faked. I've never ever seen as electric blue a sky as I did the morning I took that photo.)

[hat tip to reader J]