Houston-based Lionstone Investments sold its 225K SF office building a block from D.C.’s Navy Yard Metro station as the firm winds down operations.

Minnesota-based Onward Investors paid $54M for the ground lease and the deed to the building at 100 M St. SE, according to documents filed Monday with the D.C. Recorder of Deeds.

Lionstone and Onward didn't respond to requests for comment.

Lionstone’s parent company announced in November that it is closing up shop on the real estate firm, with plans to sell its $5.5B of real estate assets.

The company acquired the building as its first investment in its $250M joint venture with Hermes Real Estate in 2014. The price was $78.9M, according to deed records.

Onward is a direct equity and commercial credit investor with a goal to “identify market inefficiencies and pursue mispriced assets.” The company says it invests across asset classes, has invested $1.1B in capital and had $730M of assets under management at the end of 2023.

The 100 M St. SE property was previously home to ground-floor retailer Pink Taco, which shuttered abruptly last month after being open less than three years. The property also has a Truist Bank on the ground floor.

Its office tenants include the D.C. Public Charter School Board, consultancy 5D Vision and branding agency Elevation Digital Marketing, according to their websites. Transwestern leases the property and JLL manages it, according to the property website.

Opus East developed the property in 2008 and filed for bankruptcy the next year, the Washington Business Journal previously reported. 100 M then sold at a foreclosure sale to Northwood Investors for $57M.

The property was one of the first new trophy office buildings in a neighborhood that was just getting off its feet but would eventually become one of the hottest neighborhoods in D.C. It opened the same year that the Washington Nationals moved to Navy Yard and one year after the Department of Transportation’s new headquarters opened.