Brookfield is quietly putting Parcel Q, the final waterfront development site in The Yards, in front of potential buyers as it weighs a sale that could shift control of one of the neighborhood’s last riverfront plots. The offering centers on a roughly 90,000-square-foot lot that brokers say could support a major condo, rental or office building with street-front retail. It all lands at a moment when developers and the city are rethinking how prime downtown parcels get used amid softer demand for traditional office space.
What’s On The Block And Who’s Marketing It
According to Berkadia, Parcel Q is a roughly 90,377-square-foot site at 425 Tingey St. with entitlement capacity for about 188,603 gross square feet, including roughly 14,280 square feet of retail. Washington Business Journal reports the parcel sits near the intersection of River Street and Fifth Street SE and that marketing materials have just been circulated to potential buyers. In the glossy pitch, Berkadia dubs the site the “crown jewel” and the “last waterfront development opportunity” within Brookfield’s master plan, a not-so-subtle way of telling investors this is the final bite at the riverfront apple.
Master-Plan Switch Opens Residential Path
According to the National Capital Planning Commission, Amendment #4 to the Southeast Federal Center master plan, approved on May 7, 2026, shifted Parcel Q’s designation from office-only to allow both residential and office uses. NCPC staff said the tweak is meant to add development flexibility while staying in line with long-term goals for the site. That regulatory pivot is exactly what brokers are leaning on to widen the pool of potential suitors.
Brookfield’s Broader Shuffle
Industry reporting suggests the listing arrives as Brookfield pares back its D.C. footprint and evaluates asset sales in a weak office market. Bisnow reported in early June that Brookfield reduced headcount in its D.C. office and that Berkadia circulated the Parcel Q offering to investors. Taken together, the moves fit into a larger pattern of big landlords reshuffling what they own in downtown submarkets rather than doubling down on aging office-heavy plans.
Why Buyers Might Pay Up
According to Berkadia, the marketing package projects condo sales in the $1,300 to $1,600 per square foot range and estimates a waterfront rental premium of roughly $650 per month over comparable non-waterfront units, figures used to bolster the residential case for the site. The listing leans hard on direct frontage on Yards Park, access to the Anacostia Riverwalk Trail and proximity to Navy Yard transit and retail as the key perks. Citywide incentives and approvals supporting office-to-residential conversions have also helped boost buyer interest, according to CoStar News.
What Comes Next
With entitlements in place and a broker actively shopping the parcel, would-be developers now have to decide whether the numbers work better for a luxury condo tower, a high-end waterfront rental project or an office-led scheme that still tries to bet on future demand. Whoever ultimately pays for Parcel Q will be claiming one of the last privately controlled riverfront holes in a neighborhood that is largely built out, and that scarcity is the headline pitch running through the marketing materials. Expect formal bids or public filings to be the first real clues about which direction this piece of The Yards is heading next.
