Site at 1244 S. Capitol Street Purchased by JBG

December 20, 2013

Seven years after helping the Capitol Riverfront emerge with its development of the DoT HQ, JBG is planting more roots in the neighborhood. They have purchased a site across from Nationals Park.

Earlier this week, JBG purchased a five-parcel site at 1244 S. Capitol St, directly across from Nats Park, which sources tell us sold for $17M. The firm’s Matt Kelly confirmed the sale and says that the purchase continues JBG’s faith in the neighborhood: “We’ve been believers in SE since building DoT in 2006.” A Lehman Brothers affiliate was the seller of 1244 S. Capitol.

The aforementioned JBG-owned DoT totals over 1M SF across 11 acres. Matt says the firm is “a probably a year or two from starting anything” at the newly purchased site, and that it could be developed for any number of uses. Residential could be in the works, judging by the entity JBG set up to purchase the site, according to public records: 1244 South Capital Residential LLC. The Cap Riverfront purchase comes on the heels of the WBJ report yesterday of JBG’s plans to construct a new office building at 20th and N.

SOURCE: BisNow (12/19/13)

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