It doesn’t expect to be settled into its new space until early next year, but the National Association of Broadcasters has closed on the acquisition of the new headquarters building being developed for it near Nationals Park.
An affiliate of NAB paid $62.76 million, or about $483 per square foot, for the 130,000-square-foot building at 1 M St. SE, according to a deed recorded Monday with the D.C. Recorder of Deeds. The sale has been more than four years in the works, as 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.
The purchase follows the association’s January sale of its current headquarters building at 1771 N St. NW for $31.6 million to an affiliate of Stream Realty Partners, which plans a multimillion-dollar renovation once the association moves out.
Representatives for Monument Realty and the NAB were not immediately available for comment.
Adjacent to the new office building, Monument…Read the full story from the Washington Business Journal.