Since January, 2003
            
 Sliding from Before to After

Documents filed with the Recorder of Deeds within the past few months show that Lehman Brothers has executed the necessary legal and financial maneuvers to take sole ownership of a portion of the infamous hole in the ground on Half Street just north of Nats Park (which I can't believe I didn't until this instant ever think to call Monument Valley).
The site, on the northern part of the hole and just south of 55 M Street, was going to be the hotel portion of Monument Realty's block-long Half Street development.
This is the third time in the past few years that Lehman has taken ownership of property in Monument's once-vast holdings just north of the ballpark. Lehman was one of Monument's investment partners on these properties, in addition to being the lender.
In both of the other cases, the "foreclosure" by Lehman ended up being a precursor to the sale of the property--both at 50 M, bought by investors in May 2013 and now the site of the planned Homewood Suites hotel, and at 1244 South Capitol, bought by JBG in late 2013 and likely to be a residential project. (The company's 55 M Street office building was sold in late 2013 without a Lehman takeback.)
Whether this is another precursor to another sale, we will have to see.
As of now, Monument retains an ownership stake in only two properties in the Ballpark District: the southern half of Monument Valley, where a residential project was planned, and the old Domino's site at One M Street, where back in 2012 Monument had been starting to shepherd an office project through zoning.
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Comments

Tom says: (5/29/14 10:32 PM)
Oh, you know its bad when Lehman bros. picks things up.


JD says: (5/29/14 11:06 PM)
I probably should have done a better job of making clear that Lehman was part of the original investment team on these properties, along with Monument and MacFarlane Partners. They didn't just swoop in and pick them up at foreclosure - they were the lender in addition to an investment partner.

Sometimes I just write like everyone knows what I'm taking about. :)


Westnorth says: (5/30/14 3:02 PM)
"Monument Valley" is too clever to give up!


JD says: (5/30/14 3:41 PM)
In other news, there's a new feature on the home page, if you hit a qualifying "before" photo in the random pair in the box at top.


Tom says: (5/31/14 10:33 PM)
Lehman Bros. filed the biggest bankruptcy in U.S. history, with Lehman holding over $600 billion in assets but that's what bankruptcy's for, I s'pose. I'm guessing they've decided to put sub-prime loans behind 'em.

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