Washington Post HQ to Be Sold for $159M to Carr Properties
- Dec 09, 2013
The Washington Post, the most widely circulated newspaper published in the District, changed ownership this year and now it may be getting ready to change its location. Graham Holdings, the daily newspaper’s former owner, recently announced plans to sell the headquarters building in downtown Washington, D.C., to local real estate investment company Carr Properties.
In a press release, The Washington Post Co., which will officially change its name to Graham Holdings on Nov. 29, said Carr Properties will pay $159 million for the three interconnected properties at 1150 15th St., N.W.; 1515 L St., N.W.; and 1523 L St., N.W. Also included in the deal is the land beneath the 12-story office building at 1100 15th St., N.W. According to PropertyShark.com, this building is owned by 1100 15th St. Associates L.L.C., an affiliate of Carr Properties. The sale is scheduled to be completed at the end of March 2014.
Philip Graham and The Washington Post Co. constructed the building at 1515 L St., N.W., in 1951. It was designed by Albert Kahn Associated Architects and Engineers, while 1150 15th St., N.W., was constructed at a cost of $25 million and was added to the complex in 1972, tripling its size. The third building, 1523 L St., N.W., was acquired in 1987 for further expansion. The complex offers about 470,000 square feet of space. Amenities include a conference center, fitness center, cafeteria and parking. According to PropertyShark.com, the three properties have a total market value of about $80 million.
This August, Amazon founder Jeff Bezos agreed to purchase The Washington Post for $250 million. The transaction was completed on Oct. 1. The newspaper will continue to rent space in its current location until it identifies a new space.
Photo credits: Google Maps.