News

The U.S. government is pouring tens of billions of dollars into the Navy to build more ships and naval technologies, and one D.C. office submarket stands to benefit. Government contractors have historically clustered in Northern Virginia, but landlords and local officials in the District see office demand rising from the sector, especially in the Southeast D.C. neighborhood anchored by the Washington Navy Yard and the Department of Transportation.

CEO John Mason is betting big on defense tech companies, and his strategy for a recently acquired Navy Yard building is already showing promise.

The sale price is just one-third of the property’s most recently assessed value of $83 million.

An eight-story office complex in Washington, DC’s Navy Yard neighborhood sold to an ownership team that is counting on sustained demand for workspaces that serve military contractors and defense industry companies.

A Navy Yard office building that spans a full block and is 53% occupied sold at a steep discount.

A joint venture of Garfield Investments and Broad Creek Capital this week acquired the eight-story, 285,000 square foot office at 300 M Street for $28 million, or roughly $100 a square foot, according to Garfield CEO John Mason. The building’s 2026 proposed assessed value is $82.9 million, per the Office of Tax and Revenue.