Repositioning of Storied Silver Spring Office Property Takes Shape
The building owner explains Inventa is a nod to the property’s history as the former headquarters of Discovery Communications.
SILVER SPRING, MD—The partnership of Foulger-Pratt and Cerberus Capital Management have unveiled plans for the repositioning of the former One Discovery Place office building here. In addition to an extensive capital improvement, the 550,000-square-foot trophy building has a new name—“Inventa Towers.”
The building owner explains Inventa is a nod to the property’s history as the former headquarters of Discovery Communications. The Foulger-Pratt-Cerberus Capital joint venture acquired the property in September 2018 and in December secured $96.5 million in financing for the property’s repositioning effort. Cerberus Capital is headquartered in New York City, while Foulger-Pratt is based in Potomac, MD.
The office building will undergo significant renovations to both the interior and exterior. Work on the interior, which will include a new state-of-the-art fitness center, a tech-enabled, 5,000-square-foot conference center and updated common areas, are slated to begin later this summer.
“This is an exciting time for us as we embark on the next chapter at the re-imagined Inventa Towers,” says Michael Abrams, managing director, Foulger-Pratt. “Our planned improvements to the building and site will enrich the Silver Spring and Greater Washington communities and offer a tenant experience not available elsewhere in the market.”
Abrams notes that in renaming the property to Inventa Towers is intended to “communicate a forward-thinking, progressive vision for the property and the community. Foulger-Pratt and our partners believe that groundbreaking ideas and transformational initiatives will continue to be born right here.”
Exterior updates will commence in the fall and feature a new concept for the outdoor green space. The form and function of the courtyard and corner plaza will be improved with extensive seating options and gathering spaces knit together using interconnected pathways, way-finding elements, and artistic focal points. Future tenants will be able to hold outdoor meetings and events, while the surrounding community will gain access to the open space. An expanded drive aisle is also planned that will provide easier access to both towers, the building ownership states.
“We have seen an enormous level of interest from prospects that appreciate the quality of the buildings, immediate access to neighborhood retail and amenities with one of the region’s most robust transportation infrastructures,” says Andrew Masters, managing director, JLL, who leads the leasing team for Inventa Towers. “The building provides a very compelling value proposition and we are confident, based on the interest we’ve already seen, that we’ll soon have excellent leasing news to report.”
The Downtown Silver Spring property has direct access to the Red Line Metro, the Purple Line Metro, MARC Commuter Rail, Metrobus and major arteries connecting Montgomery County and the District of Columbia.
Earlier this month, Foulger-Pratt Companies announced the formal transition of management and majority ownership to Cameron Pratt, Peter Ognibene, Brigg Bunker and Bryan Foulger.
As part of a decade long succession plan, this transition follows the pattern of succession established more than 30 years ago when founder Sid Foulger transitioned management and majority ownership to Clayton Foulger, Bryant Foulger and Brent Pratt—his sons and son-in-law. Bryant Foulger, Clayton Foulger and Brent Pratt will continue to serve as partners, members of the Board of Directors, and members of the Investment Committee. Additionally, Bryant Foulger will remain chairman of the board.
Cameron Pratt has been named managing partner and CEO; Peter Ognibene is managing partner and CFO; Brigg Bunker and Bryan Foulger will serve as managing partners. Each of the four managing partners are members of the Board of Directors and Investment Committee.