CoStar Group #1 Commercial Real Estate Information Company Radio One, TV One Lease 45,000 SF in Silver Spring Affiliated Broadcasting Companies Move and Renew HQs with 6-Year Deals By M. Maxx Mantooth April 20, 2011
Radio One, a major broadcasting company, signed a six-year lease for approximately 20,000 square feet in the Atrium at Station Square in Silver Spring, MD.
TV One, a Radio One affiliate broadcaster, renewed its lease and expanded within the same building for a total occupancy of 25,000 square feet.
The 14-story property totals 196,660 square feet in Silver Spring’s Station Square. The Atrium was built in 1987 and sold to Moore & Associates Inc. in 2009, according to CoStar information.
Radio One’s lease includes the entire 14th floor and about half of the 12th floor, which will be Radio One’s new corporate headquarters. TV One renewed its prior lease on the entire 10th floor and expanded its presence on the ninth.
Other tenants include Mutual of Omaha, Atlantachae Online and Data Transformation Corp.
Radio One and TV One were self-represented. Vince Coviello and Ed Asher were the in-house negotiators for Moore & Associates.
RADIO ONE'S SHARES CHANGING HANDS AT HIGHER PRICES ON 1.6X ABOVE-AVERAGE VOLUME (ROIAK)
Apr 15, 2011 (SmarTrend(R) News Watch via COMTEX) --Shares of Radio One (NASDAQ:ROIAK) are trading up 6.6% to $2.25 today on above average volume. Approximately 776,000 shares have traded hands today vs. average 30-day volume of 475,000 shares.
Spikes in volume can validate a breakout or signify a potential turning point. As such, SmarTrend will continue to monitor shares of ROIAK to see if this bullish momentum will continue.
SmarTrend currently has shares of Radio One in an Uptrend and issued the Uptrend alert on September 08, 2010 at $0.85. The stock has risen 149.7% since the Uptrend alert was issued.
In the last five trading sessions, the 50-day MA has climbed 3.3% while the 200-day MA has risen 1.03%.
In the past 52 weeks, shares of Radio One have traded between a low of $0.55 and a high of $5.44 and are now at $2.14, which is 289% above that low price.
The Washington Post CAPITAL BUSINESS Radio One moving headquarters to Silver Spring after long flirtation with D.C. By Jonathan O'Connell April 28, 2011
Radio One is moving its corporate headquarters from Lanham to Silver Spring, ending a years-long effort by the company to return to the District, where it was founded by Catherine Hughes in 1980.
The company, owner of 53 urban radio stations in 16 markets nationwide, pursued a move to the District before the economy battered the radio broadcasting industry and the real estate market. It would have anchored a new mixed-use project atop a Metrorail station in the Shaw neighborhood.
Hughes, the company’s chairwoman, who founded the company on H Street NE, made a plea to the D.C. Council to support the Shaw project in 2007. The council and Mayor Adrian M. Fenty (D) obliged, providing a package of subsidies with an estimated value of $30 million. The project was to be named Broadcast Center One and have a ground-floor recording studio. The company has five Washington area stations, including WKYS (93.9 FM).
But Radio One’s stock price dove during the recession as a result of dwindling advertising sales, under-performing assets and high debt levels, and early last year it pulled out of the Shaw project, at Seventh and S streets NW. Its stock has been trading around $2 in recent months.
After restarting its search, the company settled on space just across the border from the District, on the top floor of a Silver Spring office building called the Atrium at Station Square. At 1010 Wayne Ave., the building is near a Red Line Metrorail station and a MARC train station and is home to the company’s TV One unit.
Radio One declined to comment, but according to Moore & Associates, the Bethesda firm that owns and operates the building, TV One extended its lease and the Radio One corporate headquarters will relocate to 23,000 square feet of space in September. CoStar Group, the commercial real estate data firm, posted information about the lease online last week.
“We were always kind of in the running, so to speak,” said Vince Coviello, executive vice president at Moore & Associates. “We had some timely turnover of space, so the top floor became available and some space below that.”
To keep Radio One, Maryland Gov. Martin O’Malley (D) provided the firm with a $400,000 grant that requires the company to invest at least $1.25 million in the move by the end of 2012 and maintain at least 210 employees there throughout the six-year lease. Karen Glenn Hood, a spokeswoman for the Maryland Department of Business and Economic Development, said it was important to keep the jobs in the state.
“They were looking to move into D.C., so obviously it was important for us to keep them here,” she said. “Obviously, retaining these jobs is important.”
Steve Silverman, Montgomery County’s director of economic development, said the county also played a role in the deal but declined to comment before Radio One made an announcement.
For the District, Radio One’s move is a loss, but the developers behind the real estate project in Shaw — Four Points, Ellis Development Group and the Jarvis Co. — replaced Radio One with the United Negro College Fund as anchor. The building has since been renamed Progression Place and is under construction.
NASD100 "Strong Buy" Rated U.S. Stocks (Apr 15, 2011)
This ranking was UPDATED TODAY before 4:30 AM ET. Below are the U.S.-listed stocks with a "Strong Buy" average rating by Wall Street analysts. Each analyst rating is assigned a number ranging from 1 to 5, with 1 being the highest rating (STRONG BUY) and 5 being the lowest rating (STRONG SELL). Then the average is calculated to represent the overall rating of a stock.