Metro News Release

For immediate release: June 26, 2008

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Metro sells Southeast Bus Garage properties to two D.C. developers

The Metro Board today agreed to sell the Southeast Bus Garage properties to two developers. The land is located one block from the Washington Nationals new ballpark and across the street from the Navy Yard Metrorail station.

Metro is selling the bus garage and an employee parking lot across the street to the developers for more than $69 million.

The John Akridge Development Company will pay Metro more than $46.5 million for the 69,607-square foot bus garage, located at 17 M Street in southeast Washington. Monument Realty, LLC will pay Metro more than $22.6 million for 27,558-square foot parking lot.

An agreement was reached after Monument filed a lawsuit against the $69 million sale of both properties to Akridge last fall. Monument claimed it had certain development rights for the area near the ballpark.

News release issued at 4:58 pm, June 26, 2008.

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