Willkie clients Meadow Partners and Trammell Crow Company, jointly acquire and commit to redevelop and remediate the Motion Picture Association of America Building, located in downtown Washington, DC.
On July 11, Willkie clients Meadow Partners and Trammell Crow Company (TCC) announced their joint acquisition of an 80 percent condominium interest in the Motion Picture Association of America (MPAA) Building, located at 888 16th Street, NW in downtown Washington, DC. The property is immediately adjacent to the Hay Adams Hotel, across from the historic St. John’s Church, and a block from the White House in the heart of the city’s Central Business District.
TCC will undertake a comprehensive redevelopment of the building, transforming the nearly 50-year-old property into a 150,000-square-foot trophy office building. New features will include state-of the art systems, an elegant rooftop lounge and terrace with views of the White House and Washington Monument, and a membership-quality fitness center. The comprehensive redevelopment is scheduled to be completed in Summer 2019.
As part of the transaction, Meadow and Trammell Crow agreed pursuant to a development agreement to fully remediate certain environmental contaminants present in the building as well as redesign the interior spaces for leasing by new commercial tenants and the MPAA, who will re-occupy the building for offices and theater screenings after the redevelopment work pursuant to an office lease. Willkie is also representing Meadow and Trammell Crow in connection with a construction loan to finance the redevelopment work.
Meadow Partners is a privately held investment manager focused on the real estate industry. Trammell Crow Company is a privately held real estate investor and developer.
The acquisition was handled by partners David Drewes and Carly Saviano and associates Jennifer DiNicola, Elana King and Melissa Fischetti, with environmental assistance provided by counsel William Thomas.