TCC, Meadow Partners to Redevelop Building Near the White House
- Jul 13, 2017
Trammell Crow Co. teamed up with Meadow Partners to purchase an 80 percent condominium interest in the Motion Picture Association of America Building, located in D.C.’s central business district. TCC also revealed plans to undertake an extensive redevelopment of the building, which is located one block from the White House, transforming the 50-year-old property into a 150,000-square-foot office building.
The future of the MPAA Building
The refurbishment program, which is expected to be completed in 2019, will include the addition of new features such as a new state-of-the-art system, a rooftop lounge, a terrace and a fitness center. Gensler will serve as the architect for the redevelopement.
“TCC is extremely pleased to be partnering with the MPAA on this landmark redevelopment opportunity. 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. The redevelopment of the MPAA building will solidify its status as one of the most coveted office addresses in Washington, D.C.,” Campbell Smith, principal with TCC’s Mid-Atlantic Business Unit, said in prepared remarks.
The MPAA has retained a 20 percent condominium interest in the building and will occupy two floors in the eight-floor property upon completion of the revamping. The space will offer a modern theater and event space, in addition to upgraded office spaces. The remaining six contiguous floors totaling roughly 120,000 square feet will be available for lease.
CBRE’s Randy Harrell and Joe Coleman will manage leasing efforts for the available space. Savills Studley brokered the transaction, while Holland & Knight provided legal counsel to MPAA and Willkie Farr and Gallagher provided legal counsel to TCC and Meadow Partners.
A Historic Address
The building, located at 888 16th St., was designed by Vastimil Koubeck in the modernist brutalist style and was finished in 1969.
“The MPAA Building is one of the most historic addresses in Washington, D.C. It has hosted presidents and foreign leaders, visionary directors and well-known artists for decades. The redevelopment will enable the MPAA to continue serving as a premier gathering place for creativity and storytelling in our nation’s capital,” Senator Christopher Dodd, chairman & CEO of MPAA, said in prepared remarks.
Rendering courtesy of Trammell Crow Co.