Discovery Inc. has sold its downtown Silver Spring headquarters building to Potomac-based Foulger-Pratt and New York City-based Cerberus Capital Management.
The $70 million real estate transaction, which works out to $127 per square foot for the 548,000-square-foot building, settled Wednesday, according to the Washington Business Journal.
Foulger-Pratt and Cerberus were competing for the building with Philadelphia-based Rubenstein Partners.
Discovery Communications intends to vacate the property at One Discovery Place in March, according to a statement from Foulger-Pratt.
“When the opportunity to purchase such an iconic, centrally located building in downtown Silver Spring became available earlier this year, we knew this was an investment we could not pass up,” remarked Cameron Pratt, Chief Executive Officer, Foulger-Pratt. “For more than 30 years Foulger-Pratt has been actively involved in Downtown Silver Spring’s development. We’re looking forward to re-envisioning the property and welcoming future tenants to Silver Spring.”
A number of potential tenants have expressed interest in leasing the property, according to the Journal.
“Renovation plans include updates to the exterior facade, streetscape and amenity spaces that will engage not only future tenants, but also the entire Silver Spring community,” Pratt noted. “We are excited to partner with Cerberus and continue to be part of the narrative that will define downtown Silver Spring’s future.”