Since January, 2003
            
 Page Through from Before to After

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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Recent Issued Building Permits Archive  
1300 4TH ST SE 1001   
02/22/21 
AP BOWER RETAIL LLC / null
E2104231 / SUPPLEMENTAL
1346 4TH ST SE APT 1M   
02/06/21 
null / NA NA NA
EHOP21945129 / HOME OCCUPATION
1331 4TH ST SE R-2   
02/08/21 
FC 1331 LLC / FC 1331 LLC
BP2101814 / POST CARD
10 I ST SE   
02/16/21 
CAPITOL HILL RACQUET CLUB / NA; VICTORIA STEINHOFF
SB2100112 / CONSTRUCTION
Installation of up to six (6) 3-inch diameter direct-push Geoprobe borings to depths of up to 30 feet below grade as part of an environmental assessment.
555 L ST SE   
01/29/21 
UNITED STATES OF AMERICA / RENNE WELL; RICK HARLAN SCHNEIDER
B2102004 / CONSTRUCTION
DGS PROJECT REHABILITATION+RESTORATION OF THE HISTORIC LINCOIN FIELDHOUSE
861 NEW JERSEY AVE SE 20003   
02/23/21 
809-853 NEW JERSEY AVE ACQUISITION LLC / SUSANA VAZQUEZ
AH2100728 / CONSTRUCTION
Dismantling of tower crane.
809 NEW JERSEY AVE SE   
02/11/21 
GREYSTAR GP LLC 809-853 NEW JERSEY AVENUE ACQUISITION LLC / null
E2103926 / SUPPLEMENTAL
853 NEW JERSEY AVE SE   
02/11/21 
GREYSTAR GP LLC / null
E2103924 / SUPPLEMENTAL
861 NEW JERSEY AVE SE   
02/05/21 
GS CSX HOTEL OWNER LLC / null
E2103762 / SUPPLEMENTAL
1275 NEW JERSEY AVE SE   
02/02/21 
FC 1275 NJ LLC / null
E2103662 / SUPPLEMENTAL
   
02/11/21 
FC 1275 NJ LLC / null
P2103445 / SUPPLEMENTAL
848 SOUTH CAPITOL ST SE   
02/16/21 
CXS TRANSPORTATION INC / VICTORIA STEINHOFF; TBD
SB2100111 / CONSTRUCTION
Installation of up to six (6) 3-inch diameter direct-push Geoprobe borings to depths of up to 30 feet below grade as part of an environmental assessment.
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;

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Project Directory
Completed
Thompson Hotel ('20)
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99 M ('18)
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1015 Half Street ('10)
Yards Park ('10)
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909 New Jersey Ave. ('09)
55 M ('09)
100 M ('08)
Onyx ('08)
70/100 I ('08)
Nationals Park ('08)
Seniors Bldg Demo ('07)
400 M ('07)
Douglass Bridge Fix ('07)
US DOT HQ ('07)
20 M ('07)
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Capitol Hill Tower ('06)
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