Children’s National Health System Leases Administrative Offices at Inventa Towers
Hospital will take more than 140,000-square feet within trophy building
Potomac, MD, May 1, 2019 - Foulger-Pratt and Cerberus Capital Management announce today the lease signing of Children’s National Health System at Inventa Towers, formerly One Discovery Place. Children’s National is the first tenant to take space at Inventa Towers, signing a 15-year lease for more than 140,000-square feet across four floors. The new space will consolidate administrative teams for the pediatric health system that are currently spread across various offices throughout the DC Metro area.
“We are thrilled to welcome Children's National to Inventa Towers," remarked Michael Abrams Managing Director, Foulger-Pratt. "We couldn't have asked for a better tenant to kick-off our leasing efforts. We've had tremendous interest from the healthcare sector and other high-quality prospects looking for a dynamic work environment. The access to walkable amenities, multiple transportation modes and trophy quality design are at the top of tenants’ selection criteria. Children's quickly saw what we did in the opportunity presented by Inventa Towers. As the first tenant for Inventa, the evolution of the building is underway."
“As we pursue a more collaborative work environment for our staff, we sought a space that was centrally located offered a variety of amenities. Inventa Towers delivers on all of our needs and more,” noted Charles Weinstein, Executive Vice President and Chief Real Estate and Facilities Officer, Children’s National. “We look forward to phasing in our staff starting next year.”
Inventa Towers will begin renovations later this summer with common area updates including a state-of-the-art fitness center and a tech-enabled, 5,000-square foot conference center on the ground floor. Additionally, the outdoor space will expand, offering tenants and guests of Inventa a completely new concept for outdoor office space. The form and function of the courtyard and corner plaza will be improved with extensive seating options and gathering spaces knit together using interconnected pathways, wayfinding elements, and artistic focal points. Future tenants will have the opportunity to hold outdoor meetings and events, while the surrounding community will gain access to an open-air respite. An expanded drive aisle will provide better access to both towers allowing for convenient drop-off and pick-up.
“Children’s National chose Inventa for this important requirement in order to consolidate multiple administrative business units from around the region into a centrally-located, high-quality building,” said Matthew Coursen, Senior Managing Director, JLL who represented Children’s National in this transaction. “With all of its current and future amenities, access to abundant public transportation options, proximity to its main campus on Michigan Avenue, NW and its new Children’s National Research and Innovation Campus at the site of the former Walter Reed Army Health System - Inventa Towers will allow the pediatric health system to thrive for the long term, right in the heart of downtown Silver Spring.”
The property has direct access to the Red and Purple Line Metro, MARC Commuter Rail, Metrobus and major arteries connecting Montgomery County and the District of Columbia.
JLL’s Matthew Coursen represented Children’s National Health System and JLL’s Andrew Masters, Amanda Davis and Arden Stabb represented Foulger-Pratt in the transaction.
For additional information on Inventa Towers or to tour the building now leasing, visit inventatowers.com/.
Established in 1963, Foulger-Pratt is a real estate investment and development firm distinguished by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects. The firm’s disciplined culture and vertically integrated platform have enabled it to develop more than 15 million square feet of commercial office, multi-family residential and retail projects by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects.
Foulger-Pratt is privately owned, led, and staffed by many of the industry’s most talented professionals. The firm’s culture has been carefully cultivated for the last half-century through deliberate effort to operate consistently in accordance with specific core values. The result is a reputation of unmatched integrity, accountability and vision. For more information, 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.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Children’s National Health System
Children’s National Health System, based in Washington, D.C., has served the nation’s children since 1870. Children’s National is one of the nation’s Top 5 pediatric hospitals and, for a second straight year, is ranked No. 1 in newborn care, as well as ranked in all specialties evaluated by U.S. News & World Report. It has been designated two times as a Magnet® hospital, a designation given to hospitals that demonstrate the highest standards of nursing and patient care delivery. This pediatric academic health system offers expert care through a convenient, community-based primary care network and specialty outpatient centers in the D.C. Metropolitan area, including the Maryland suburbs and Northern Virginia. Home to the Children’s Research Institute and the Sheikh Zayed Institute for Pediatric Surgical Innovation, Children’s National is the seventh-highest NIH-funded pediatric institution in the nation. Children’s National is recognized for its expertise and innovation in pediatric care and as a strong voice for children through advocacy at the local, regional and national levels. For more information, visit ChildrensNational.org, or follow us on Facebook and Twitter.