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Following HQ Sale, Discovery Secures 60,000-SF Space in Silver Spring for Scaled Down Maryland Network Hub

Mass Media Company to Maintain Presence in Silver Spring Despite Headquarters Relocation to New York City Late Next Year
September 7, 2018

The inflatable great white shark affectionately known as Chompie would take up residence at Discovery's headquarters building each year to promote the cable channel's annual Shark Week; Photo credit: GlynLowe.com via Flickr.



With the pending move of its corporate headquarters to the Big Apple, Discovery, Inc. sold its longtime headquarters building at 1 Discovery Place in downtown Silver Spring, Maryland and leased a smaller block of office space nearby.

Foulger-Pratt Companies and Cerberus Capital Management agreed to buy the communication company's former headquarters for $70 million. The joint venture plans to renovate the 10-story building, well known among locals for the giant inflatable shark affectionately known as Chompie displayed on the building each year during Discovery Channel's Shark Week.

While Discovery's headquarters may be leaving - and the great white shark with it - the cable broadcaster recommitted to the state where it initially launched 25 years ago, signing a lease for 60,000 square feet at nearby 8403 Colesville Rd. in Silver Spring, where the company plans to locate its scaled down Maryland Network Hub operation.

The company's new leased location is in Silver Spring Metro Plaza 2, a 470,045-square-foot, 17-story building located across from the Silver Spring Metro station.

Discovery HQ building, sans Chompie.
Photo Credit: CoStar Group.

Discovery confirmed in January that after more than 25 years in Maryland, it would relocate its headquarters to New York City in the second half of 2019 following its purchase of American mass media company Scripps Networks Interactive - a deal that closed in March. Discovery listed its 555,346-square-foot, 10-story headquarters shortly afterwards.

At the time of the announcement, the cable broadcaster noted it planned to maintain select network and support functions, including government relations, in Maryland. Discovery also maintains a Northern Virginia tech hub at 45580 Terminal Dr. in Sterling.

8403 Colesville Rd.
Photo Credit: CoStar Group.

Brookfield Office Properties, the New York City-based owner of Silver Spring Metro Plaza, has several improvements in the works for the complex, including new seating areas, lighting, plantings, an on-site fitness center and tenant concierge services from Brookfield’s new tenant engagement program, Activated by Brookfield. 8403 Colesville is anchored by insurance and financial services holding company ULLICO, global workplace provider IWG plc and the National Oceanic and Atmospheric Administration, or NOAA, according to CoStar information.

William Prutting and John Duffy of Jones Lang LaSalle negotiated the sale of 1 Discovery Place for Discovery. James Cahill and Joe Judge, also of JLL, represented Discovery in its lease negotiations at Silver Spring Metro Plaza.

For more information on the sale, please see CoStar Comp #4503626.

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