Thursday, January 12, 2012

Mass Court For Sale

CBRE Global Investors is putting Mass Court up for sale, and expecting a pretty hefty return on their recent investment.

Mass Court is expected to sell for over $160 million, or $431,000 per unit.  CBRE bought the building (once occupied by then-Senator Obama) less than two years ago for $105.5 million or $284,000 per unit.

Needless to say, this speaks well for the increasing value of property in that "not quite Chinatown not quite Mt. Vernon Triangle not quite Capitol Hill" area (technically the area might be closer to Swampoodle).   Perhaps this upswing will allow Mass Court's new owners to attract a viable option for the retail space within the building.   (It was being prepared for use as Caldo, an Italian restaurant, but those plans have since fallen through.)

1 comment:

  1. Work is continuing to build out the retail space. In the past few days I've seen workmen carrying in wallboard.