WASHINGTON, DC—In a deal that has been in discussions for some time, Tishman Speyer has acquired the home of the DC bureau of CBS and an adjoining property. The New York City-based firm plans to build two new office buildings, one of which will serve as the new headquarters for the DC bureau of the "Tiffany Network."
The two adjoining sites at 2020 M St. NW and 2030 M St NW will be redeveloped in two phases to accommodate a new Washington DC bureau for CBS, as well as an office building that will be configured for multiple tenants. Redevelopment of the site is anticipated to begin in 2016 with completion scheduled sometime in 2019. Both of the new buildings will be designed and built for LEED certification, Tishman Speyer reports.
Tishman Speyer acquired 2020 M St. NW, the current home of CBS News' Washington, DC bureau, for $30.5 million from CBS Broadcasting Inc. A Tishman affiliate paid approximately $49 million in a deal with The Legacy Fund and the National Association for Attorney General Mission Foundation Inc., according to public documents. Tishman did not divulge the anticipated redevelopment project costs for the two new buildings.
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