Commercial real estate developer Trammel Crow Co. has entered into an agreement to redevelop the Motion Picture Association of America's headquarters in Washington, D.C.

According to a statement by TCC, the developer has acquired an 80 percent condominium interest in the property, located north of the White House at 888 16 St. NW. Along with its partner, real estate investment firm Meadow Partners, TCC plans to transform the 50-year-old structure into a 150,000-square foot, trophy office building.

"TCC is extremely pleased to be partnering with the MPAA on this landmark redevelopment opportunity," said Campbell Smith, principal with TCC's MidAtlantic Business Unit. "Our goal is to bring the building up to a trophy standard that reflects the prestige of the MPAA as an organization and appeals to a wide range of leading tenants."

MPAA has retained a 20 percent condominium interest in the building and will occupy two of the eight floors upon completion of the renovation, according to TCC. The association's redeveloped headquarters will feature a new state-of-the-art theater and event space, as well as modernized offices.

"The redevelopment will enable the MPAA to continue serving as a premier gathering place for creativity and storytelling in our nation's capital," association CEO Chris Dodd said.

The remaining six floors, totaling approximately 120,000 square feet, will be available for lease. Real estate services firm CBRE will manage leasing efforts for the available office space.

The redevelopment is scheduled to be completed in summer 2019. Terms of the deal with MPAA were not made public. http://bit.ly/2vd6SxQ

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