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More on the 1345 New York Ave Deal

Washington DC
More on the 1345 New York Ave Deal

markmallus

A follow-up to our story yesterday on the Willco Cos' purchase of 1345 New York Ave NE: CBRE's Mark Mallus, who exclusively reps seller Greyhound in its DC real estate dealings, says the bus giant originally put the site on the market a few years ago along with its bus terminal at 1005 First St in NoMa. To sell that (which First Potomac and Perseus Realty ended up buying), Greyhound first had to strike a deal to move its bus operations behind Union Station.

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Mark says as a result, the New York Avenue site was taken off the market in case Greyhound needed it as a backup bus terminal if Union Station negotiations fell through. Healso acquired 250k of transferabledevelopment rights for Greyhound that were then resold to the ultimate buyers of the NoMa site (above); DCs lease for 1345 New York had to be renewed as a condition of finalizing that transaction.Both deals were closed, though, and while Willco will wait to develop 1345 New York, First Potomac's actively pre-leasing 1005 First, now known as Storey Park.