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$97M Financing for Former D.C.-Area Discovery Communications HQ

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.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
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