WASHINGTON, D.C. — Early next year, the National Association of Broadcasters intends to move into its new home, near Nationals Park in Southeast Washington, at 1 M Street.
On Monday (9/9), the NAB officially became the building’s new owner, closing on the multi-million dollar acquisition, the Washington Business Journal reports.
An affiliate of the NAB paid $62.76 million, roughly $483 per square foot, for the 130,000-square-foot building. That’s according to a deed recorded with the D.C. Recorder of Deeds obtained by the business publication.
The sale comes more than four years after the NAB said it would be leaving its familiar confines near Dupont Circle, at 1771 N St., N.W., in Northwest Washington. That building was sold in January for $31.6 million. It will be completely renovated under its new owner.
The business publication reports that the NAB secured the right to buy its new home as part of the build-to-suit lease it struck in 2015 with Monument Realty and Angelo Gordon & Co.
RBR+TVBR OBSERVATION: Wow … valuations of $62.76 million and $31.6 million. Doesn’t the NAB wish radio stations in the Washington, D.C., market had similar valuations? We find it ironic that the National Association of Broadcasters is engaged in multi-million deals, while station sales of late are being consummated for stunningly low valuations. With WRQX-FM (now WLVW-FM), once housed at 4400 Jenifer Street, NW, in tony Chevy Chase sent to the dust heap, is the only thing of significant financial value in 2019 among broadcasters the real estate it owns, as AMs and FMs aren’t commanding nearly what they once did in the deal-making market?