JLL’s Capital Markets will handle the sale of the Discovery Communications’ 540,000-square-foot headquarters in Silver Spring.
Discovery announced on Tuesday its intention to move to New York City in 2019 from 1 Discovery Place, the company’s 10-story tower with an aluminum and glass façade that was completed in 2003. The move will follow the completion of Discovery’s $14.6 billion acquisition of Scripps Network Interactive.
Discovery was founded in Landover in 1985, moved its headquarters to Bethesda in 1991 and relocated its headquarters to Silver Spring in 2003. The firm employs about 1,300 people in Maryland. Discovery intends to maintain a network hub in the state following the move north.
According to a fourth-quarter report from Newmark Knight Frank, the Silver Spring submarket has a total inventory of more than 10 million square feet of office space. Overall vacancy in Silver Spring in the fourth quarter was 12.4 percent, compared to 16.2 percent across suburban Maryland. Silver Spring posted and gave up 32,425 square feet of space in 2017.