Owners of Discovery Building Unveil Renovation Timeline, New Name for Building
$15 million project expected to be completed by next year
Rendering courtesy Foulger-Pratt
The new owners of Discovery Inc.’s headquarters in downtown Silver Spring announced Tuesday that they plan to begin renovations in the summer and that they have come up with a new name for the building.
The Discovery building will soon become vacant as the company moves its headquarters to New York City.
Potomac-based developer Foulger-Pratt and New York-based Cerberus Capital Management purchased the building in late 2018 and plan to begin a $15 million renovation to position the 550,000-square-foot building to accommodate multiple tenants.
The 15-year-old building sold for $70 million, according to state assessment records.
In a statement, Foulger-Pratt said the new name for the building will be Inventa Towers. Inventa roughly translates to “discover” in Latin, “a nod to the building’s history” while showing “continued optimism” and a “forward-thinking, progressive vision” for the future, according to the statement.
Representatives of Foulger-Pratt said earlier this year they have a letter of intent from a tenant to lease about 30 percent of the building but did not disclose the renter. “Several other prospects are in negotiation,” the company said and announcements about tenants that have committed to the property are expected soon, a spokesperson said Tuesday.
Interior renovations will include a 4,000-square-foot fitness center, 4,600-square-foot conference center and commons areas. Exterior renovations include removing fencing, creating a new entrance and redesigning a public plaza.
Renovations are expected to be completed by next year.
Caitlynn Peetz can be reached at firstname.lastname@example.org