WASHINGTON, DC-The name on the deed of the National Press Club Building, the 480,000-sf office and retail property that is home to the National Press Club and the DC bureaus of many national and international media organizations, changed. Acting on behalf of National Capital Properties Trust II, Quadrangle Development Corp. has taken over majority ownership, a reported 75%, from Resource America Inc. subsidiary Resource Properties Inc. According to District records, the property boasts a FY 2005 assessed value of approximately $147 million; although, the parties involved relied on a $91.5-million total value for the purpose of the property’s recapitalization.

Quadrangle signed a letter of intent to acquire a major stake in building about a year ago. For its part, Resource Properties is walking away from the deal with cash proceeds totaling an estimated $18 million.

Located on a one-acre parcel just a stone’s throw from the White House, the National Press Building was developed back in 1928 at the corner of 14th and G streets. The 14-story structure is physically attached via a common retail shopping area to the Quadrangle-owned National Place, a 1.5-million-sf mixed-use property. The National Press Building underwent a $100-million redevelopment nearly two decades ago, and will succumb to another renovation procedure under Quadrangle’s eye. “We look forward to improving the quality of the building significantly,” says Quadrangle president Christopher Gladstone, “while at the same time carefully enhancing its special character and historic significance.”

Quadrangle will handle management and leasing activities at the property, where office space had been marketed at about $35 per sf. Currently, there are about 100,000 sf of space available for occupancy, but Resource America is confident that with Quadrangle’s help, the space will not remain vacant for long.

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