For decades, the National Association of Broadcasters (NAB) has called a seven-story structure instantly distinguishable to passersby in Northwest Washington, D.C.’s Dupont Circle neighborhood its home.
Now, it’s trading in quick walks to the Madhatter and Shake Shack for improved access to Washington Nationals home games.
According to the Washington Business Journal, the NAB has sold its longtime home at 1771 N Street, N.W., to an affiliate of Stream Realty Partners.
How much is the NAB earning from the building’s sale in the ever-popular area of the Nation’s Capital? The broadcast media industry’s top lobbying and advocacy group is pocketing $31.6 million, or nearly $534 per square foot, the business newspaper reports.
“Selling the building at this time allows us to minimize our financial risk as we work towards moving to our new location,” an NAB representative tells RBR+TVBR.
The NAB noted in August 2017 that it was selling its headquarters building, with CBRE Group marketing it to prospective buyers. This came after a September 2013 announcement that it sought a new home, followed by an April 2015 announcement that it is relocating to 1 M Street, Southeast — and to a 10-story structure in the newly popular Capital Riverfront neighborhood. The location is two blocks north of Nationals Park and a short walk from the Navy Yard-Ballpark Metro station.
The new owners plan on an extensive reconstruction project of the building’s interior space. Stream Realty Partners Kyle Luby commented, “Our expectation is that that we’ll likely move forward with a trophy redevelopment and keep the building as office. I think the building itself is a really unique opportunity not just for office tenants but also for D.C.”
The NAB originally expected to be in its new building by the end of Q3 2018, moving all 150 employees to the new facility, which boasts 130,000 square feet. Now, the NAB will lease back space in its current headquarters for as many as 24 months.
“The new building will be a showcase venue for radio and television stations across America, and will send a strong message to public policymakers on the vibrant future of local broadcasting,” NAB President Gordon Smith said.
Smith pushed for the new facility close to the Navy Yard Metro station. In 2013, he lamented that it took much time to transit from Dupont Circle to Capitol Hill, no matter the mode of transportation. The new facility is 1.2 miles from the House Office Buildings on the South Side of Capitol Hill and a 10-minute taxi ride to Hart Senate Office Building.
A District of Columbia land assessment conducted in August 2017 put the value of the NAB headquarters at $16.3 million. Thus, the NAB is benefiting from a hot commercial real estate market, in addition to the edifice’s unique look and prime location.