Savills Studley Wins Big at NAIOP Awards of Excellence Gala
19 October 2018
Savills Studley has received the NAIOP Award of Excellence for Best Real Estate Transaction: Sale or Re-Capitalization over $25 million for its work with the Motion Picture Association of America (MPAA). The firm also won for Best Real Estate Transaction: Tenant Lease over 25,001 square feet for its efforts on behalf of FOX Television duopolies WTTG and WDCA. The winners were announced at the 16th annual NAIOP DC | MD Chapter Awards of Excellence.
The NAIOP DC | MD Chapter Awards of Excellence recognizes and celebrates new, significant contributions in the commercial, industrial and mixed-use real estate community. As the chapter's premier event, the program demonstrates the dedication of outstanding businesses that provide contributions to the build environment.
The MPAA has owned 888 16th St., NW, an iconic site across from the White House, since 1945, with the current building constructed in 1969. Since the organization occupied only two floors in the 8-story property, the Association decided to convert the structure to a commercial condominium regime, sell the remaining 80 percent of the building it would not occupy to an investor, and have the buyer take on a complete redevelopment of the entire building at no additional cost to MPAA. Savills Studley’s Art Greenberg, Vernon Knarr, Kelly Givens and Parker Lange marketed the property and competed multiple offerings on the Association’s behalf, ultimately selecting commercial developer Trammel Crow Company as the buyer. The MPAA retained a 20 percent interest in the asset and will get two floors of fully-updated office space, including a new state-of-the-art theater and event space. Redevelopment construction is underway and the remaining six floors will be available for lease once the project is delivered in summer 2019.
Savills Studley also represented local FOX affiliates WTTG and WDCA in a 59,172-square-foot, 16-year lease deal. After more than 60 years in the District at 5151 Wisconsin Ave., NW, the media company will relocate operations and studio facilities for the duopolies to The Wilson, a 937,000-square-foot mixed-use building developed by Carr Properties and located at 7272 Wisconsin Ave., in Bethesda, Maryland. The new lease will commence in June of 2021, upon completion of the building. FOX was represented in the negotiations by Greenberg, Givens and Bie Chu Lee.
“With this move, FOX becomes one of the first companies to relocate from Washington, DC, to Maryland in a long time,” said Greenberg. “Bethesda is one of the tightest real estate submarkets in the region. More than half of The Wilson has been committed prior to delivery and the site offers unbelievable access and visibility. We’re pleased to have helped them in this relocation.”
NAIOP is the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate, with 15,000 members in North America. The organization advances responsible commercial real estate development and advocates for effective public policy.
