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55 M ('09)
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400 M ('07)
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20 M ('07)
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It's been announced that 55 M Street, the 265,000-square-foot office building at Half and M on top of the Navy Yard Metro station just north of Nationals Park, has been sold by Monument Realty (and its investment partners Lehman Brothers and McFarlane Partners) to Hines Global REIT, for an as-yet undisclosed amount.
Open since 2009, 55 M has 89 percent of its space currently leased, with tenants including the District Department of Transportation and the Federal Aviation Administration. The ground-floor retail spaces remain empty except for Bank of America on the building's northeast corner, but perhaps now that the sale has been completed, some movement on the other spaces may be seen.
The building was to be the first phase of Monument's Half Street development when construction began on it in 2007, but the Great Economic Difficulties of the late 00's stopped the subsequent phases in their tracks, leaving only the large hole that was dug for them at the same time 55 M was being built. Monument still has on the boards its Half Street plans for a 200-room hotel and 350 units of residential, though with no announced timeline.
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More posts: 55 M St., Development News, Monument Valley/Half St.
 

Readers are reporting that, on schedule, the new Bank of America branch in the ground floor of 55 M Street opened today. The BoA web site also now lists it as well, though it doesn't include the lobby hours yet. It's still called the "Waterfront" branch, since this is technically a move of the branch that was at 4th and M SW for many years, in the old Waterside Mall/new Waterfront development.
This is also the first retail tenant in 55 M, the building right on top of the west entrance of the Navy Yard Metro station.
If I were a good blogger, I'd run over there and get a photo, but, given that this is the fourth bank to open in the neighborhood, my Financial Services Excitement Meter is not exactly exploding off the charts. (UPDATE: But the Twitterverse comes through and makes up for my malaise.)
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More posts: 55 M St., Monument Valley/Half St., Retail
 

A reader reports that a sign has been posted on the ATM at the Bank of America branch/trailer at 4th and M, SW, alerting users that the location will be closing on July 20, reopening in Southeast on July 23.
We already knew that BoA is coming to 55 M Street, the building on top of the Half Street entrance to the Navy Yard-NotYetBallpark Metro station, and so now there would indeed seem to be an actual date attached to the arrival. A permit application was submitted to DCRA last week for a Bank of America sign at 55 M, in case a flyer on a machine isn't quite official enough.
When it opens, it will join Capital One (ex-Chevy Chase), Wells Fargo (ex-Wachovia), and PNC SunTrust in blanketing Near Southeast with banking options. (Wherefore art thou, Citibank?)
UPDATE: Oh, I guess there's already a Navy Yard BoA branch. So, all you "Navy Yard residents", feel free to try to use that one. {tee-hee}
UPDATE II: Oops, wrong bank with orange-based color scheme. Fixed PNC to SunTrust. And, also, it looks like Navy Yard-NotYetBallpark has become Navy Yard-Ballpark, at least on the WMATA web site.
UPDATE III: The sign at the SW branch, for those who want visual proof.
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More posts: 55 M St., Monument Valley/Half St., Retail
 

So many Tweets recently, such small items. Let's see how short I can keep them:
* Justin's Cafe is looking to have a block party on Saturday, April 14 (when the Nats and the Reds play at 4:05 pm), and ANC 6D has supported the request to close 1st Street between K and L. (Thanks to SWill for, once again, picking up my slack.) Still probably some bureaucratic hoops to jump through before all is confirmed. This was moved from Opening Day so it would be on a weekend, Will says,
* Looks like DPW's trucks have departed a couple weeks earlier than expected from the agency's longtime home at New Jersey and K, although all the lights may not be turned out just yet. Demolition is in the cards, though some environmental abatement has to happen first.
* New striping and bike lanes were installed Monday on I Street SE between South Capitol and New Jersey.
* Start starving yourself now to prepare for the Red Porch's eight-pound "StrasBurger."
* Photographic evidence of fences down at the old Bullpen, clearing the way for Fairgrounds.
* Bank of America is now building out its new space in the ground floor of 55 M south of the Metro entrance, informed sources say. (They're closing their Southwest location in June.)
* Could DC United be setting up shop just a few blocks up Potomac Avenue from Nationals Park?
* Near Southeast gets off relatively easy in this Sunday's National Marathon Street Closure Sweepstakes (just South Capitol south of L, and the Douglass Bridge).
Anything else going on these days? Besides that sandwich shop opening?
UPDATE: Let's add the elephant parade! Starting tonight at 8 pm, on the southern edge of Garfield Park at the train tracks where Virginia crosses under New Jersey, says WTOP.
UPDATE II: And, from the Hill is Home, a Q&A with ANC commissioner David Garber.
UPDATE III: I sent a lackey down to Potbelly to get a few opening-day shots. Hope he's not expecting to get reimbursed for his lunch.
 

It looks like Monument Realty's office building at 55 M Street may be close to getting its first retail tenant, as they have confirmed to me that they are in negotiations with Bank of America for a branch office in one of 55 M's ground-floor spaces, on top of the west entrance to the Navy Yard Metro station, just north of Nationals Park.
BoA is apparently leaving its swank construction-trailer digs at 4th and M SW this spring, and so is on the hunt for a new close-by home. Some workers at that branch have apparently told patrons that they are definitely moving to 55 M in June, but for now we'll go with Monument's statement that things are still in the negotiating phase.
If it comes to pass, BoA would be the fourth bank to open a branch in the neighborhood. (My own bank not being among them, alas.)
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More posts: 55 M St., Monument Valley/Half St., Retail
 

I've tried over the past few months to clampdown on runaway Tidbits posts, but these are some pretty small tidbits, so I think I'll let them through:
* Douglass Bridge: The Feds have "freed up" $68 million from previously appropriate funds to allow DC to start buying up right-of-way land for the new South Capitol Street/Douglass Bridge. NBC4 quotes DDOT chief Terry Bellamy as saying "If I had my way and we had the money, we could possibly see a new bridge in about six to seven years." But, considering they're looking for $800 million for not just the bridge itself but all the associated improvements to South Capitol Street and its interchanges with I-395 and I-295, getting the rest of the money might be a little trickier.
* Half Street: According to the Post, Monument Realty and investment partner Victor MacFarlane "are now thinking about when to begin" developing the rest of their Half Street project. The southern portion of Monument's side of Half Street (the east side--you know, where the big hole in the ground is) was originally designed with both a hotel and a residential building. And there's still no word from Akridge on a start date for their side of Half Street (the Bullpen side).
* DPW Move: While the timeline for getting DPW into their new home on Okie St. NE and out of their New Jersey and K site has slipped (shocker!), things are still moving forward, and I'm hearing that they should be moved early in 2012. But this delay is not as yet impacting William C. Smith's plans for a new apartment building just to the north--various permits have recently been approved, and WCS expects to start some deep infrastructure work, along with some clearing and grading along New Jersey Avenue north of I, sometime in December. (But WCS needs DPW out before too long because a smidge of DPW land crosses what will eventually be the new I Street and onto the WCS property.)
* Wha?: Is it just me, or does this article seem like it was written in 2009? It's a bit odd to trot out version 83 of the "there's no food in Near Southeast" story when there are leases signed for at least 10 new eateries to open in the next 12 months: Lot 38 Espresso at the old Little Red Building site (Any Minute Now!), Potbelly and Kruba Thai in the Foundry Lofts by spring, the Park Tavern at Canal Park by summer, and six choices at the Boilermaker Shops by the end of 2012. Not to mention probably another couple places in the Lumber Shed, perhaps a big one at 100 M, and a Harris Teeter in 2013. But I still predict that, when the slew of What's Happening Around Nationals Park stories come pouring out in advance of Opening Day 2012, the focus will still be on the lack of movement along Half Street (see Tidbit #1).
* New Bridge: Don't forget the dedication ceremony for the Yards/Teague bridge on Tuesday at 1:30 pm on the Yards Park side of the bridge. In addition to the mayor and DC Water chief George Hawkins, the organizers are also expecting Eleanor Holmes Norton, Naval District Washington Commandant Rear Admiral Patrick Lorge, USDOT deputy secretary John Porcari--and the Racing Presidents!
 

A roundup:
* Friday is Bike to Work Day, with the Yards Park being one of the morning "pit stops," from 7 to 9 am. If you're interested in joining in the fun, you need to register.
* The Canal Park folks have recently begun using their Twitter account, CanalParkDC. An update on the park's progress was tweeted on Wednesday, though it probably wasn't what park fans want to read: "Rain delays, water in our excavation preventing pouring foundations. Very frustrating!"
* The Navy Yard has created a Twitter feed for its portion of the Anacostia Riverwalk, to alert people to planned closings. This is in addition to the web page they've set up for hours and information about the riverwalk.
(I've added both of these feeds to my Near Southeast Businesses/Organizations Twitter list, which displays all the latest tweets in real time on the JDLand home page, for those of you who have remained blissfully outside of the Twitter vortex.)
* Louisiana State Society is having its Crawfest at the Yards Park on Sunday (May 22), with 4200 pounds of boiled crawfish, 150 pounds of jambalaya, sausage, corn, and potatoes, Abita beer, Louisiana music, and more. Society members get in for $45 per person, while non-members can pay $55 to attend. (Tickets for children 12 and under are $15.)
* DDOT says that its move out of the Reeves Center to Monument Realty's office building at 55 M is almost complete.
* Speaking of 55 M, it was named "Best Urban Office over 150,000 SF" at the NAIOP Maryland/DC 9th Annual Awards of Excellence.
 

This was referenced in the flurry of stories on the company a few weeks ago, but Monument Realty has now officially announced that they have signed a 10-year 50,000-square-foot lease with the Federal Aviation Administration at 55 M Street, the building on top of the Navy Yard Metro station just north of Nationals Park. With this lease, DDOT's 150,000-square-foot lease signed last fall, and two other smaller tenants, the 275,000-square-foot building is now 85 percent leased, with only three smaller office suites remaining (as well as all of the building's ground-floor retail space).
The press release says that the FAA is expected to move into their new spaces on the 8th and 9th floors in April, and that DDOT is expected to complete its move to the fourth through seventh floors during the second quarter of the year.
As for the rest of the Monument Half Street project, which as designed includes a 200-room hotel and 332 residential units and plenty of ground-floor retail to the south of 55 M, the press release quotes executive vice president Douglas Olson as saying that they are"actively working to move forward with Monument's next phase of Half Street."
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More posts: 55 M St., Development News, Monument Valley/Half St., officespace
 

Both the Washington Post and the Washington Business Journal (subscribers only) came out with stories this week chronicling the rise and fall and now re-rise of Monument Realty. They both describe Monument's high-flying ways during the real estate bubble of the early 2000s with "high-risk, high-return deals and an aggressive, cowboylike approach to development that rubbed the old guard the wrong way," followed by their near dissolution thanks to the collapse of their backer, Lehman Brothers. But thanks to some new deals around the region with different financing partners, Monument appears to be rebounding.
There's not been an announcement from Monument that I've seen, but the WBJ article says that Monument has signed the Federal Aviation Administration to a 55,000-square-foot lease at 55 M Street, which I believe would bring the building to about 90 percent leased. (At the time Monument announced their deal to lease 150,000 square feet to DDOT, they said the 275,000-square-foot building's office space was 70 percent leased.)
However, in detailing what it says are $500 million in new Monument projects around the Metro area leveraged from a $10 million deal with Atlas Capital Group, WBJ makes no mention of any intentions for construction to get underway on Monument's remaining Half Street plans just north of Nationals Park. The well-known hole in the ground, dug in 2007 when 55 M was built, is eventually supposed to be 330 residential units and a 200-room hotel, which you can see a rendering of on my project page or on Monument's Half Street web site. Monument also owns all of the land on the east side of South Capitol between M and N except for the self storage building, as well as the 50 M street lot on the northeast corner of Half and M.
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More posts: 55 M St., Development News, Monument Valley/Half St., officespace
 

From City Paper's Housing Complex blog: "The Department of Real Estate Services tells me that Councilmember Marion Barry has dropped his disapproval resolution on the District Department of Transportation's move to 55 M Street SE, which momentarily put the whole thing in limbo. That means the move can go forward as planned, without having to wait until reconsideration by the Council in September."
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More posts: 55 M St., Monument Valley/Half St., politics
 
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