A joint venture between an affiliate of Cerberus Capital Management, L.P., and Foulger-Pratt secured a $96.5 million loan for One Discovery Place. The former Discovery Communications HQ is a vacant 478,130-square-foot trophy office building centrally-located in the metropolitan Washington, D.C. submarket of Silver Spring, MD.
The CBD office property is walking distance to public transportation, as well as restaurants, shops, theaters and entertainment venues. Completed in 2004, the building was one of the first in the country to receive LEED Platinum certification.
JLL’s Paul Spellman represented the borrowers in the financing. The floating rate loan was secured through a U.S.-based private lender.
“There was a tremendous amount of competition for One Discovery Place, which was enhanced by the outstanding sponsorship,” said Spellman, who notes a property repositioning is planned for new tenancy. “This was a great financing case study, as we rarely see vacant building opportunities of this asset quality in the D.C. Metro.”