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WASHINGTON, DC-The names on the ownership deed for the 480,000-sf National Press Club have been marked for change, as asset management company Resource America Inc. commits to a letter of intent for the sale of 80% of interest in the 480,000-sf National Press Building. Resource America–which paid a reported $70 to $80 million for the building and took over its $92.5 million mortgage in 1999–has entered into the agreement with buyer National Capital Properties Trust II, a fund of Quadrangle Development Corp.

When the ink dries on all necessary contracts, Resource America will remain standing with $21 million in cash and 20% interest in the property. “Quadrangle will become the property manager and we will assist them in asset management of the property,” Resource America senior vice president Alan Feldman tells GlobeSt.com. The value used for recapitalization purposes is $93 million, while the proposed assessed value of the property jumped from $90 million for 2003 to $141 million for 2004, according to District tax records.

Situated just two blocks from the White House on the corner of 14th and G streets, the National Press Building is home to the National Press Club, as well as more than 200 media-related operations. The tenant roster reads like a “who’s who” of the global media world with occupants such as Qatar-based satellite news network Al Jazeera, Mormon Public Communications, the Times of London, and Tokyo Shimbun. The 14-story tower is connected to the Quadrangle-owned National Place office building by a common shopping area. “This transaction allows the company to monetize another significant asset, while also enabling the company to participate in the future growth of the property,” Feldman adds in a written statement on the deal.

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