Discovery Signs Lease To Maintain Silver Spring Presence After Selling Headquarters
Discovery Communications sold its Silver Spring headquarters this week ahead of its move to New York, but the company will not be leaving the Maryland suburb entirely.
The company announced Thursday it signed a 60K SF lease with Brookfield Properties at Silver Spring Metro Plaza, a three-building, mixed-use complex less than a quarter-mile from its current home.
“Discovery has long been an engine and pillar in the Silver Spring community, and Brookfield Properties is thrilled to welcome them to Silver Spring Metro Plaza," Brookfield Vice President of Leasing Andy Jones said in a statement. "With new tenant amenities, a planned reimagined public plaza, new retail including Silver Branch Brewing Company, and great access to transit, Silver Spring Metro Plaza is a top-in-class commercial destination in the region."
The office will be Discovery's new Maryland Network Hub and will house network and support functions and government relations personnel, the company said. Discovery also has a media distribution facility in Sterling, Virginia.
“Discovery was founded in Maryland and since 1991 has been part of the Montgomery County community, so the decision to move the global headquarters is one that was not made lightly,” Discovery Chief Corporate Operations and Communications Officer David Leavy said. “We are excited to be able to keep a presence in Silver Spring to continue to support and draw from the robust Maryland and D.C.-area production community that has developed alongside Discovery over the past 35 years.”
JLL represented Discovery in the lease. The brokerage also represented the communications company in the sale of its headquarters, which closed Wednesday. Discovery sold the 549K SF building to Foulger-Pratt and Cereberus Capital Management for $70M. It plans to move to its new Manhattan headquarters in March.