Foulger-Pratt Solidifies Commitment to Silver Spring with Purchase of Discovery Building
The Potomac-based real estate developer looks forward to next phase
Potomac, MD, September 5, 2018 – Foulger-Pratt and Cerberus Capital Management announce today the joint venture purchase of One Discovery Place in Silver Spring, MD from Discovery Communications. The 548,953-square-foot LEED Platinum, trophy office building adds to Foulger-Pratt’s significant portfolio of office, retail and multifamily assets in downtown Silver Spring. Discovery Communications intends to vacate the property in March 2019 when it relocates to New York City.
The property is situated at the epicenter of downtown Silver Spring 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.
“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,” remarked Cameron Pratt, Chief Executive Officer, 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.”
“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 arranged by JLL.
For more information about Foulger-Pratt’s portfolio, visit www.foulgerpratt.com.
Established in 1963, Foulger-Pratt is a real estate development firm distinguished by its long-term investment focus and extensive experience executing successful mixed-use, transit-oriented projects throughout the Washington, DC metro area. The firm’s intimate knowledge of virtually every submarket in this robust and stable regional economy has enabled it to develop more than 15 million square feet of commercial office, retail space, and multifamily residential projects. From acquisition to development, construction to asset management, the company’s fully integrated teams create value at all stages of an investment’s lifecycle. To learn more, visit www.foulgerpratt.com.
About Cerberus Capital Management
Founded in 1992, Cerberus is a global leader in alternative investing with approximately $34 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively and across market environments to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.