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NEWS - Press Releases
09/05/2008 - J Street Development Announces Closing on Sale of 1111 N. Capitol Street, NE Site to NPRKaren Widmayer
J Street Development, one of Washington’s most active developers, today announced the closing on the sale of 1111 N. Capitol Street, NE to NPR on July 25th. The transaction, announced earlier this year, finalizes another important decision by a major organization to locate in the rapidly growing NoMa (North of Massachusetts Avenue) submarket. NPR will relocate from Penn Quarter to a new 10-story office building integrated with more than 78,000 square feet of historic portions of the existing building on the site. All of NPR’s 600 Washington-based journalism, multimedia, business and executive activities will be housed in this new facility, with occupancy planned for 2012. The new headquarters will include a 60,000 SF space for NPR News’ extensive broadcast and multimedia operations and a public space for live shows and events.
J Street Development President, Bruce Baschuk, commented, “We congratulate NPR on their purchase and their foresight in acquiring a site that will not only accommodate all of their growth needs but also reinvests in their DC roots.”
“This location ultimately supports NPR’s vision for the future, which is to create an environment where NPR can produce the finest journalism and content for the next two decades,” said Dennis Haarsager, NPR’s interim CEO.
1111 N. Capitol Street, NE was purchased by J Street Development and its partner in 2005 in an off-market transaction. The existing 165,000 square foot warehouse building on the site, currently occupied by the Smithsonian Institution, was considered an important contextual building as the original location of the Chesapeake and Potomac Telephone Company. J Street then worked to have the site designated with the National Register of Historic Places and continued to work to entitle the property, obtaining Transferable Development Rights to fully build the site while preserving and highlighting the historic portion of the property. As the project’s viability matured, so did the NoMa market and, in 2007, the Company decided to market the property, now fully entitled, for sale.
J Street Development extends their appreciation to Vernon Knarr, Art Greenberg, Julie Rayfield, and David Perlstein of Studley for their representation of NPR.
About NPR
Since its launch in 1970, NPR has evolved into a leading multimedia company, award-winning primary news provider and dominant force in American life. NPR produces and/or distributes nearly 1500 hours of programming weekly. This includes more than 150 hours of news, information, talk, entertainment and cultural shows for the 800-plus NPR Member public radio stations around the country, reaching an audience of 26 million weekly listeners. NPR also programs two 24/7 public radio channels for Sirius satellite radio, five 24/7 music multicast channels for HD Radio and a 24/7 NPR Worldwide program stream reaching listeners in more than 100 countries. www.NPR.org offers extensive original video and audio content, hourly newscasts and free audio streaming of current and archived NPR programs. The NPR Music website, launched in November 2007, is a free, comprehensive music discovery destination featuring live performances, studio sessions, features, interviews, reviews and blogs. NPR programs produced in Washington, D.C. include Morning Edition, All Things Considered, Talk of the Nation, Tell Me More, All Songs Considered, Weekend Edition Saturday and Weekend Edition Sunday. NPR.org, NPR Music and NPR Podcasts are also based in Washington.
About J Street Development
J Street Development is focused on the acquisition, development and redevelopment of office and mixed-use properties in Washington, DC. Committed to the creation of environments that deliver value to neighborhoods and investors alike, the company’s efforts emphasize urban revitalization. One of Washington’s most active urban developers, J Street has more than one million square feet of mixed-use projects under development in the City today, including 111 K Street, NE, a 90,000 square foot office condominium now under construction and 100 K Street, NE, a 200,000 square foot office condominium in development.
The J Street Companies, through affiliated companies Randall Hagner, J Street Development and now, Woodmark, offer a complete array of real estate services including residential sales, commercial sales and leasing, property management, development, project management and capital markets.
Karen Widmayer
202-857-4370
kwidmayer@jstreetcompanies.com