Foulger-Pratt-Cerberus JV Acquires Former Discovery Communications HQ

The partnership between Potomac, MD-based Foulger-Pratt and Cerberus Capital Management of New York City purchased One Discovery Place from Discovery Communications.

1 Discovery Place

SILVER SPRNG, MD—A joint venture of Foulger-Pratt and Cerberus Capital Management has purchased the nearly 550,000-sqare-foot corporate headquarters of Discovery Communications here.

The partnership between Potomac, MD-based Foulger-Pratt and Cerberus Capital Management of New York City purchased One Discovery Place from Discovery Communications. No financial terms of the transaction involving the 548,953-square-foot LEED Platinum office building were disclosed. The new ownership states that it plans to undertake a capital improvement program at the property.

In early 2018, Discovery Communications announced it was relocating its corporate headquarters to New York City. In June, the international entertainment and media company reported it was signing a lease to occupy the entire 360,000-square-foot 230 Park Ave. office building in the Flatiron District of Manhattan. The company is expected to begin occupancy of the building in the fall of 2019.

“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,” says Cameron Pratt, CEO of 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.”

The Downtown Silver Springs property is within walking distance of dozens of restaurants and shops, and with immediate access to the Red Line Metro, future Purple Line, MARC Commuter Rail, Metrobus and major arteries connecting Montgomery County and the District of Columbia.

“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.”

JLL has been engaged to lease the nearly 550,000 square feet that will become available in the second quarter of 2019. Acquisition financing with Acore Capital was arranged by JLL.