Broadcasters’ Headquarters Sold, Being Primed for a Major Makeover

streamrealtyIN THE NEWS, WASHINGTON D.C.

The National Association of Broadcasters has cashed out of its national headquarters building near Dupont Circle as it plans to move to a new home being built for it in the Capitol Riverfront.

The NAB has sold its long-time home at 1771 N St. NW for $31.6 million, or nearly $534 per square foot, to an affiliate of Stream Realty Partners. The sale comes about five months after CBRE Group Inc. (NYSE: CBG) began marketing the 52,000-square-foot building to prospective buyers.

While CBRE pitched the seven-story building’s potential for conversion into other uses, Stream Realty Partner Kyle Luby said he believes the building’s location and bones makes it an attractive prospect for other companies looking for new headquarters space in the District.

“Our expectation is that that we’ll likely move forward with a trophy redevelopment and keep the building as office,” Luby said. “I think the building itself is a really unique opportunity not just for office tenants but also for D.C.”

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By: Daniel J. Sernovitz
SOURCE: Washington Business Journal