WASHINGTON, DC–More trophy office space is entering the District's pipeline.
Trammell Crow Co. and Meadow Partners have acquired an 80% stake in the Motion Picture Association of America condo building, located at 888 16th St, NW, with plans to redevelop the nearly 50-year-old property into a 150,000-square foot trophy office.
“Our goal is to bring the building up to a trophy standard that reflects the prestige of the MPAA as an organization and appeals to a wide range of leading tenants,” Campbell Smith, principal with TCC's Mid-Atlantic Business Unit, says in a prepared statement.
The MPAA has retained a 20% condominium interest in the building and will occupy two of the eight floors when the renovation delivers. Its space will have new theater and event space.
The remaining six contiguous floors, totaling approximately 120,000 square feet, will be available for lease. Randy Harrell and Joe Coleman of CBRE will manage the leasing efforts for the available office space.
The Building's Place In DC History
The MPAA Building was designed by Vastimil Koubeck in the modernist brutalist style and completed in 1969. Koubek was considered one of Washington's most influential architects, designing over 100 buildings, including many other well-known modernist structures in the city.
Another bit of local history: The MPAA Building is on the former site of The Tuckerman House, built by Lucius Tuckerman of Boston in 1886. The mansion was sold to the Library of Congress and the Smithsonian Institution in 1939 and in 1945, to the MPAA. The Tuckerman House served as MPAA's headquarters until 1968 when then MPAA President Jack Valenti built the current MPAA Building.
Senator Christopher Dodd, chairman and CEO of MPAA, noted that the building has hosted presidents and foreign leaders, visionary directors and well-known artists.
The transaction was brokered by Savills Studley. Holland & Knight provided legal counsel to MPAA and Willkie Farr and Gallagher provided legal counsel to TCC and Meadow Partners. Gensler will be the architect for the redevelopment.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
