Bisnow has just learned that Monument Realty acquired 627-631 H St. NW for $7.3M this morning. And McCaffery Interests and Douglas Development, the lenders on the adjacent 675 H St., bought that property out of foreclosure on Wednesday. That means the lone underutilized corner in the booming Verizon Center area can finally join the fun.

This afternoon, Monument's Josh Olsen told us his company purchased the first mortgage on 627-631 H last summer and just took the title at an Alex Cooper auction. Monument plans an 80k SF Class-A office there, to break ground later this year. It's Monument's third acquisition in as many months. The others are an Arlington land purchase for Monument View—Boeing's build-to-suit—and 2055 L St. Even more congrats are in order for Josh since he's getting married in July (and not to his work, we hear).

We snapped 675 H, previously owned by Chinatown developer Yeni Wong. Juan tells us it was for substantially below the property’s outstanding debt, which is $12.1M. The partners will create a retail destination (likely with some office included) on the 12.5k SF pad, and they’re meeting next week to talk details. The site is next to the entrance to Chinatown and across the street from the Gallery Square Metro station (providing as many as 40,000 pairs of eyes daily); 250,000 people work in the area. It’s also the only intersection in DC with cattycorner crosswalks. Juan says it's the closest thing to Times Square DC has, the No. 1 intersection in the city. Douglas' Norman Jemal adds that the property has 200 feet of frontage on H and 7th and the partnership has been approached by national and international retailers. This is McCaffery and Douglas’ first JV, though Juan tells us they’re also looking at a property on King St. in Old Town Alexandria together.

REIT-ICULOUS GOOD

Yesterday, we snapped a few REIT all stars at NAIOP Maryland/DC’s event at the Bethesda North Marriott, including First Potomac founder Nick Smith, who said: “Distressed opportunities in this area are over.” COPT's John Norjen says DC's fundamentals mean those buildings sell at premium prices anyway. COPT is open to markets with a strong defense presence, but its underwriting outside the DC/Baltimore region is conservative.

Federal Realty Trust's Barry Carty says malls in secondary markets will continue to struggle, and investors should be “micro” in their approach to acquisitions, focusing on individual properties instead of the entire market as a whole. Still, you can't afford to be conservative in this market because competition is intense, says WRIT's Tom Regnell. And Vornado/Charles E. Smith’s Jim Creedon expects serious GSA belt tightening this year, predicting a significant drop in government demand.

Boston Properties' Ray Ritchey, here with Clark Construction VP and chapter head Bill Magruder, says their firms are partnering on the over $100M renovation of the 225k SF 500 N. Capitol St., which is 80% leased to McDermott Will & Emery (that lease became official Feb. 10) and slated to deliver December 2012. They're also working together on the new 500k SF GWU Science and Engineering Complex at 22nd and H where construction will start soon (check out our story a few months back). Two blocks north at 2200 Pennsylvania Ave., Clark’s $400M renovation of Boston Properties’ The Avenue (formerly called Square 54) finished on time, Ray says. It officially opens tomorrow, with the 80k SF of retail 100% leased to Whole Foods, five restaurants, and two banks—plus 440k SF of office space that’s 85% pre-leased and 335 luxury rental apartments.

MEET OUR SPONSOR: BACK ON MY FEET

Back on My Feet takes its name quite literally. The program helps the homeless get back into housing and employment through running. What they don’t do: directly provide food and shelter. “It’s a unique approach to moving members beyond homelessness,” BOMF DC executive director Autumn Campbell tells us. “We use running as a metaphor for life—show our members that success is possible if you take each day step by step and mile by mile.” In the DC area, BOMF has five teams and over 400 members and volunteers. After an individual achieves 90% attendance at three-times-a-week, 5:45am runs, they become eligible for Next Steps, the organization’s job training and educational program that prepares individuals for life beyond homelessness. Learn more about the DC chapter here.

BOMF hosted a launch breakfast last year, above, to raise awareness for the program, and this year, it’s evolved into the Blue & Green Birthday Bash (brought to you in part by Bisnow and underwritten by Marriott and MillerCoors). Autumn says the March 24 party and silent auction at the JW Marriott will offer premium business networking opportunities, plus an open bar. Sign up here and check out sponsorship opportunities here.

Forest City’s Gary McManus (with colleague Shawnna Eaton) tells us the Ballpark submarket’s Yards development will have up to 400k SF of retail, and work on the Boilermaker Shops will start in June (it’ll open in 2012). The design transforms the old Navy Yard Lumber Shed into a two level, 35k SF glass-enclosed pavilion. Gary also tells us construction on the 170-unit Foundry Lofts finishes in October, including 10k SF of street-level retail.

Cushman & Wakefield’s Dave Dochter (second from right, with Elizabeth Miller, CJ Ilardo, Caitlin Slowinski, and Matt Alexander), fresh off a business trip to the sunny beaches of Brazil’s Florianopolis, says the team has picked up five listings in the past two months. They also just repped Regal Cinemas in a 55k SF lease at Village South at Wall Chapel in Crofton, REI for 30k SF at Roadside Development’s Potomac Town Center, and Calvin Klein at 3207 M St. in Georgetown. They’re helping Golfsmith look for 15k SF, FIT for 20k, Total Hockey for 10k inside the Beltway, Blackfinn and Vida restaurants for Downtown locations, and a few more fashion retailers looking in G’Town.

We told you last month that Vanguard Realty’s Greg Klein is buddies with Big Head Todd and the Monsters lead singer Todd Mohr, right, whose Big Head Blues Club—Blues at the Crossroads tour celebrating Robert Johnson’s centennial came to DC last week. The blues legend passed away in 1938 at the age of 27. Paying tribute are some greats in their own rights: 80-year-old Hubert Sumlin and 96-year-old Honeyboy Edwards.