Foulger-Pratt Lands $97M Loan To Reposition Discovery Building In Silver Spring
Foulger-Pratt and Cerberus Capital Management, after acquiring the 549K SF building in September, secured a $96.5M floating-rate loan from a U.S.-based private lender to reposition the building, JLL announced Thursday. JLL Senior Vice President Paul Spellman led the team that arranged the financing.
The new owners have not unveiled their detailed plans for the building, but JLL said they plan to reposition the property for new tenancy. Foulger-Pratt Senior Vice President Michael Abrams told Bisnow in September the team plans to turn it from a single-tenant asset to a multi-tenant office building.
The building, one block from the Silver Spring Metro station, was constructed in 2004. Discovery announced in January it would vacate the building to shift its headquarters to New York City, where it plans to move in March. The company in September signed a 60K SF lease at Brookfield Properties' Silver Spring Metro Plaza to retain a presence in the area.
Foulger-Pratt has a large footprint of office, retail and multifamily in Silver Spring. It built the 409K SF Downtown Silver Spring retail complex, three multifamily buildings totaling over 700 units and over 1.3M SF of office.