The National Press Building and its more than 400,000 square feet of real estate near Metro Center has been sold to one of the region’s largest developers for $167 million.
Cassidy Turley, which managed the transaction, announced the sale Tuesday to affiliates of AEW Capital Management LP and Quadrangle Development Corp., which also manages the Towers Crescent building in Tysons Corner. Located at 14th and F streets and one block from the Metro Center station, the National Press Building holds about 420,000 square feet of office and retail.
Quadrangle affiliates will continue to manage and lease the property. It now has in its portfolio nearly 90 buildings totaling 23 million square feet worth $7 billion.
The National Press Club, which regularly hosts presidents, prime ministers and business and cultural leaders, is on the top two floors of the building. The private club was founded in 1908 and more than 3,500 journalist and communication professionals are members. It roughly has 250,000 visitors attending more than 2,000 events each year.
