The former Discovery headquarters building and Champions Sports Bar have been listed for public sale, according to reports.
In 2018, Foulger-Pratt acquired the 10-story, 545,429-square-foot building in partnership with Cerberus Capital Management, a New York private investment firm, renaming it Inventa Towers. Both the Children’s National Health System and the Children’s National Foundation lease space in the building.
According to the public sale listing, the complex is now called One Discovery Center:
JLL has been retained by ACORE Capital Mortgage, LP, as Administrative Agent (the “Secured Party”) to offer for public sale all right, title and interest of CRE-FP Silver Spring Mezz, LLC, a Delaware limited liability company (the “Debtor”), in the following collateral: (i) all limited liability company interests in Silver Spring Owner, LLC, a Delaware limited liability company (the “Mortgage Borrower”) and (ii) all other collateral pledged by the Debtor under that certain Mezzanine Pledge and Security Agreement, made by the Debtor in favor of the Secured Party, dated as of September 5, 2018 (the “Pledge Agreement”) (items (i) and (ii), collectively, the “Collateral”). The Secured Party was granted a security interest in the Collateral to secure certain indebtedness (the “Indebtedness”) of the Debtor.
Based upon information provided by the Debtor, the Mortgage Borrower and/or certain other persons and entities affiliated therewith, it is the understanding of the Secured Party (but without any warranty or representation by the Secured Party as to the accuracy or completeness of the following matters) that: (i) the Debtor owns all limited liability company interests in the Mortgage Borrower, (ii) the Debtor indirectly owns the fee simple interest in the property known as One Discovery Center, Silver Spring, Maryland (the “Premises”), and (iii) the Premises are subject to a first mortgage loan securing indebtedness in the original principal amount of up to $94,072,875.00, and in the outstanding principal amount of $77,472,941.45 following a Special Mezzanine Loan Advance (as defined in the mezzanine loan agreement) made on June 23, 2023 (the “Mortgage Loan”), which loan may be in default, including with respect to a maturity default.
The Collateral will be offered for public sale on October 24, 2023, beginning at 11:00 A.M. (prevailing Eastern Time) both via Zoom (or a similar online platform) and in-person in front of the New York Supreme Court, New York County Courthouse, located at 60 Centre Street, New York, New York 10007. The Secured Party reserves the right to reject any or all bids and terminate the sale or adjourn the sale to such other date and time as Secured Party may deem proper, by announcement at the place and on the date of sale, and any subsequent adjournment thereof, without further publication.
Public bidding begins at 11 a.m. on October 24, both on Zoom and at the New York County Courthouse in New York City.
Discovery Inc. (now Warner Bros. Discovery) relocated its global headquarters to New York City in 2019. The company’s Maryland Network Hub remains in downtown Silver Spring, where it leased 60,000 square feet in the Silver Spring Metro Plaza complex in 2018.
Additionally, Champions Sports Bar is also on the market due to owner relocation, with an asking price of $185,000, according to Robert Dyer. It is being marketed as a turnkey opportunity to acquire a fully operational sports bar with all equipment, liquor license, and lease transfers.
Champions Sports Bar opened at 9433 Georgia Ave. in October 2020, replacing Action House Vape. The MoCo Show reported at the opening that the restaurant had more than 10 TVs, with the menu featuring traditional bar food with a Latin twist, including Tequeños, Tuna Wraps, Pastrami Sandwiches, and more.
More information can be found in the sale listing.