Foulger-Pratt unveils new concept for soon-to-be former Discovery HQ
Foulger-Pratt has submitted a revised concept for its overhaul of the soon-to-be former Discovery Inc. headquarters in Silver Spring, featuring a multitenant building with two grand entrances, a public park surrounding the office building and a new plaza.
Michael Abrams, managing director with Foulger-Pratt, said Monday the Potomac-based developer filed a revised site plan with Montgomery County last month. A second entrance will be added to the Colesville Road side of the building, as will a plaza to serve as open community space with a variety of furnishings.
“Primarily it’s reorganizing the entry sequence,” Abrams said. “The property now operates like a single building for a single tenant. In making the transition from a single occupant building to a multitenant building, we need to provide access to the larger wing. We need to recreate the entry into the Colesville wing, which necessitates a pretty extensive rework of the plaza area.”
Abrams expects the county planning commission to hold a hearing on the new site plans in January. He hopes Foulger-Pratt will receive final approvals in April, when Discovery is expected to vacate the 480,000-square-foot building and relocate to New York.
The office property, which is within walking distance to Metro, MARC and future Purple Line rail, is in high demand from several tenants in the health care industry, he said.
“We have tenants who want to be in the building in the second and third and fourth quarter,” Abrams said. “We are in active negotiations on probably half to two-thirds of the space.”
Foulger-Pratt plans to invest $15 million into the renovations of the building, which it purchased earlier this year from Discovery as part of a joint venture with New York-based Cerberus Capital Management.