U.S. Black Chambers, a nonprofit that supports Black-owned businesses, has purchased the former Black Entertainment Television headquarters in Northeast D.C. with plans to build out its own headquarters and innovation campus.
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Douglas Development Corp. sold the 7.9-acre property just north of New York Avenue Northeast to the nonprofit for $38.5M, according to two separate deeds filed in D.C. records Wednesday.
The property includes a six-story, 99K SF office building, a flex studio building and a warehouse. BET vacated the office building in 2017 in its move to New York, and Douglas purchased the property in 2021 for $16.4M. Douglas didn't respond to a request for comment.
USBC announced the acquisition in a press release this week, and it has a page on its website detailing its plans for the property. It said the campus would offer entrepreneurial training and development, startup support, flexible office space, media and content creation spaces, and include a full-service restaurant and cigar lounge.
The organization also announced a new multiyear capital campaign to fund training centers, technology infrastructure and community spaces.
“Just blocks from Union Market and surrounded by billions of dollars in new development, the USBC Innovation Campus is uniquely positioned to become the nation’s premier headquarters for business growth and advancement,” the release says.
LEASES
Defense and national security contractor Xcelerate Solutions has more than tripled the footprint of its Tysons headquarters, the Fairfax County Economic Development Authority announced this week. Xcelerate is now taking 23K SF at 8405 Greensboro Drive, up from its prior 7,800 SF. The company cut the ribbon on its new offices Tuesday. Of its 1,400 employees, 350 are in Fairfax County, and Fairfax EDC said the company “expects to grow its workforce significantly over the next year.” CIM was the lender on the pair of office buildings at 8401 and 8405 Greensboro Drive before acquiring the property in January.
SALES
COPT Defense Properties has acquired a 142K SF, fully leased, single-tenant office building in Chantilly, the REIT announced Thursday. The company paid $40.2M for Stonegate I at 15050 Conference Center Drive. It had been owned by Salus Stonegate Virginia LLC, according to Fairfax property records.
The property, built in 2000, is fully occupied by a “top 20 defense contractor,” which has a 10-year term remaining, according to the release. A Cushman & Wakefield brochure says the property is fully leased to Peraton through 2035. Peraton, meanwhile, is building a new Herndon office campus.
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Blue Vista Capital Management sold the Chevy Chase House assisted-living facility to Abod Capital Solutions' Cary Abod for $32.1M, the Washington Business Journal reported. The buyer received a $20.5M loan from Atlantic Union Bank. The property, built in 1929, is operated by Meridian Senior Living.
MILESTONES
Mayor Muriel Bowser cut the ribbon Wednesday on a 93-unit expansion and renovation of the Lisner-Louise-Dickson-Hurt Home in Ward 3. The affordable senior home at 5425 Western Ave. NW has been operating since 1941. Developer Urban Atlantic broke ground on the project in October 2023 with a $69M financing deal, $26.2M of which came from D.C.’s Housing Production Trust Fund.
PERSONNEL
Josh Bernstein is stepping down from the role of CEO at Bernstein Management Corp. and will transition to executive chairman of its board, the company announced Friday. He became president of the 72-year-old company in 1993, upon the retirement of his father, Norman Bernstein, who died in 2021.
BMC President Robert Sandler is also leaving his role and will become vice chairman of the board. BMC Executive Vice President Ed Chaglassian will assume the roles of CEO and president. The company in August hired Rebecca Snyder from Brookfield as chief operating officer to oversee the company's multifamily and commercial portfolios.
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