XM to Buy Headquarters

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XM to Buy Headquarters

Aug 21, 2001 12:00 PM

Washington, DC - Aug 20, 2001 - XM Satellite Radio Holdings is negotiating to buy its three-story headquarters building in Northeast Washington, DC, an anchor development in the District's fledgling technology corridor.

XM has contracted to buy the building at 1500 Eckington Place NE for $34 million from the partnership of Bernstein and Union Realty Partners. The redeveloped building attracted Qwest Communications International of Denver, the first major tech tenant to locate in the District in years.

Qwest leased 101,000 square feet of space for a telecommunications switching station that it operates on the bottom floor. XM Satellite followed Qwest to the site, establishing its headquarters in the rest of the building. XM occupies about 120,000 square feet and is getting ready to launch a nationwide satellite radio service. As an owner of its own facility, XM would be able to do things on the site without first seeking permission, such as an expansion or parking lot.

Bernstein and Union put the building on the market in January and began taking offers in March.