The MPAA has sold an 80% condominium interest in its Washington DC headquarters, just blocks from the White House, to Trammell Crow Co., which plans a major transformation of the structure.
Trammell Crow plans to transform the 150,000 property into a much more modern, glassy design, including a rooftop lounge and terrace and a membership fitness center. The MPAA will retain a 20% condominium ownership in the building, and will occupy two of the eight floors, with a new theater and event space. The remaining six floors will be leased.
No sales figure was disclosed.
The building, at 888 16th St., was designed by Vastimil Koubeck in the modernist brutalist style and finished in 1969. Gensler will be the architect on the remodel.
There had been speculation for some time that the MPAA was looking to sell or redevelop its property.
“The MPAA Building is one of the most historic addresses in Washington DC,” MPAA chairman Chris Dodd said in a statement. “It has hosted presidents, foreign leaders, visionary directors, and well-known artists for decades.”
The building, adjacent to the Hay Adams Hotel and across the street from St. John’s Church, is on the former site of the Tuckerman House, which was built in 1886. The mansion was sold to the Library of Congress and the Smithsonian Institution in 1939 and to the MPAA in 1945. Jack Valenti spearheaded the construction of the new building on the site in 1968.
Campbell Smith, principal with Trammell Crow’s MidAtlantic Business Unit, said that their goal “is to bring the building up to a trophy standard that reflects the prestige of the MPAA as an organization and appeals to a wide range of leading tenants.”
The redevelopment is expected to be completed in summer 2019.