Skanska Acquires The Bullpen for $26M
25 M is the last Capitol Riverfront development site available
By Keith Loria April 22, 2022 1:39 pmreprints
Skanska USA has acquired one of the last core development sites in Washington, D.C.’s Capitol Riverfront area, currently home to The Bullpen, an outdoor beer garden.
The company acquired 25 M Street, a 32,394-square-foot site in the Navy Yard for $25.7 million. It’s also the last redevelopment site on Half Street SE, located just one block from Nationals Park. The Bullpen will remain open for the remainder of the MLB season and continue to operate until future plans for the site are finalized.
The seller was Brandywine Realty Trust, which had owned the site since 2015.
“The 25 M site is located at the center of this great neighborhood where entertainment, recreation and retail interconnect with the M Street business corridor,” Mark Carroll, executive vice president of Skanska USA in D.C., told Commercial Observer.
Skanska previously developed another M Street site in 2018, an 11-story, 234,000-square-foot office development at 99 M Street, and sold it in January 2020 for $163 million.
“Similar to our project at 99 M Street SE, this location provides a unique opportunity to create a place that will serve the future tenants of our building while creating a dynamic environment anchoring a critical intersection of the Riverfront neighborhood and the ballpark entertainment district.”
Currently, Skanska is reviewing the current site plan and design at 25 M, and Carroll noted it’s too early in the process to disclose its plans. But, he said, the plans will evaluate elements that push sustainability and innovation, in-building user experience, health and wellness, and the firm will ultimately determine its overall vision and strategy for the project.
“As developers, we always study the highest and best use for any given site and continually monitor market fundamentals and the latest innovations in the industry to help drive decisions,” Carroll said. “Paramount to our process is engaging with our end-user clients to better understand their changing needs and preferences in a constantly evolving marketplace.”
The location benefits from convenience to public transit, retail, restaurants, entertainment and residential communities.
“Skanska’s philosophy toward creating great places to live, work and play is to understand and focus on meeting the needs of our customers and the communities in which we build,” Carroll said. “The Capitol Riverfront neighborhood provides businesses, residents and visitors a dynamic waterfront community with state-of-the art office buildings, vibrant residential offerings, and diverse recreational options.”
No brokers were used for this transaction.
The seller did not immediately return requests for comment.
Keith Loria can be reached at Kloria@commercialobserver.com.