Sale Agreement for Landmark Property in Washington
Statement by National Trust for Historic Preservation and the American Enterprise Institute
Posted February 18, 2013 | Contact email@example.com or 202-588-6141
Washington, DC (February 18, 2013) – The American Enterprise Institute (AEI) and the National Trust for Historic Preservation announced today their completion of a purchase and sale agreement for the property at 1785 Massachusetts Ave. NW.
The building, a National Historic Landmark constructed in 1917, was purchased and renovated by the National Trust in 1977 and has served as its headquarters since 1979. Pending the conclusion of a due diligence period, it is expected to become the new home for AEI. This Beaux Arts building is a gem of the Dupont Circle neighborhood and one of the city’s architectural icons. The five-story corner property first served as a luxury apartment complex. Its most famous tenant was Andrew W. Mellon, who rented the entire top floor while serving as Treasury secretary and whose collection became the core of the National Gallery of Art.
"This is a vital step for AEI and our unyielding mission," said AEI President Arthur Brooks. "Our growing community of world-class scholars and staff need a building equal to their talent. This property gives us an ideal facility to enhance our expanding programs. We’ll be excited to call it our new home."
"We are pleased that after 30 years, we can convey stewardship of this extraordinary building to another organization that appreciates its historic importance," said Stephanie K. Meeks, president of the National Trust. "AEI has committed to respecting the historic character of its new headquarters, ensuring that it will remain a national and a neighborhood landmark for generations to come."
The building will be protected in the future by a historic preservation easement covering the exterior and significant interior architectural features.
The National Trust is currently searching for another historic building in Washington, DC, to serve as its new headquarters. AEI has engaged the architectural firm of Hartman-Cox, whose preservation projects include the Smithsonian Institution National Portrait Gallery and Smithsonian American Art Museum and National Archives. The National Trust was represented by CBRE; AEI was represented by Jones Lang LaSalle.
AEI, a nonprofit, nonpartisan public policy research organization, works to expand liberty, increase individual opportunity, and strengthen free enterprise.