The Motion Picture Association of America building has sat one block north of the White House for nearly 50 years, and it is now ready for its sequel.

Trammell Crow has acquired an 80% stake in the building at 888 16th St. NW from the MPAA and plans to embark on a major redevelopment effort.

Savills Study brokered the deal and Gensler designed the renovation, which is slated to deliver in summer 2019. Trammell Crow plans to replace the building's systems and add a rooftop terrace, a fitness center, and theater and event space for the MPAA.

“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," Trammell Crow principal Campbell Smith said in a release. "The redevelopment of the MPAA building will solidify its status as one of the most coveted office addresses in Washington, D.C.”

The MPAA retained 20% of the building's ownership and will still occupy two of the building's eight floors. CBRE's Randy Harrell and Joe Coleman will lease the remaining six floors totaling roughly 120K SF.

The building was constructed in 1969 on the site of the former Tuckerman House Mansion. Built by Lucius Tuckerman of Boston in 1886, the mansion was acquired by the Library of Congress and the Smithsonian Institution in 1939 and then sold in 1945 to the MPAA, which used it as its HQ for more than 20 years before developing the current property.

“The MPAA Building is one of the most historic addresses in Washington, D.C,” MPAA Chairman and former Sen. Christopher Dodd said in a release. “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."