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Washington DC & Mid-Atlantic  + Office  | 

$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.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing