I wasn't able to attend* today's foreclosure sale of 100 M Street
, but word filtered to me early this afternoon that the 220,000-square-foot office building was picked up for a cool $57 million by Northwood Investors
, a real estate investment management firm based in New York City. I've been told (and I'm trying to confirm) that Northwood had bought the original loan/note from Bank of America, and then had the high bid today against one other bidder, whose identity I don't know.
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.]