Dealing with the Press - Washington Business Journal:

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The developer has acquired the historic Nationall Press Building fromResource Properties, a subsidiart of Philadelphia-based Resource America. Resource retained a 25 percent stake in the but Quadrangle will handle the managementand leasing. The pricre of the deal wasn't released, but Resource -- whicgh held mortgage debt of $62.9 milliobn on the building -- says it gaineed $18 million in cash in the transaction. Quadrangle plans to updat mechanical systems, some tenant spaces, public areasa and the facade. Quadrangle especially wanted this propertyh because it owns several nearbyofficee buildings.
The National Press Building, which sits on the corner of 14th and Fstreets NW, adjoinas National Place, which Quadrangle also owns througgh a limited liability partnership. On the other side, the building is adjacent to the JW Marriott which Quadrangle developed but soldin 2000. It also owns 1301 Pennsylvaniaw Ave., around the block. "We thought it was a good opportunith to restore the building and basically bring the building back up to saysGeorge Boteler, vice presidenrt of leasing for Quadrangle ( ).
Assemblingb concentrated portfolios, he says, creates economies of scale that loweer management costs and ease leasing Knight Ridder's imminent departure from the sixth and seventbh floors of the National Preses Building to One Metro Center will make aboug 100,000 square feet of contiguous space availabl in the 470,000-square-foot building, Boteler says. Resourcee ( ) sold the building because it is in the procesws of converting significant assets into The building was constructesd in 1928 and renovatedin 1985.
It is home to many Washingtonj correspondents and bureaus from newspapers aroundthe