Radio One Explains Reasons For Office Pull-Out
February 26, 2010 at 4:33 PM (PT)
RADIO ONE CEO/Pres. ALFRED C. LIGGINS, III released a statement on the radio group's decision to pull out of SHAW neighborhood office complex. "We understand the significance of revitalizing the Shaw neighborhood and are grateful to the DISTRICT OF COLUMBIA for having allocated significant funds to assist FOUR POINTS in attracting a tenant such as RADIO ONE, he said. "We wish the DISTRICT much success in encouraging the continued economic development of the Shaw neighborhood."
"The DISTRICT OF COLUMBIA first allocated funds to the residential/office complex in 2007 to attract RADIO ONE as a tenant when the expected completion date was 2009. Since then, an unprecedented decline in the economy caused continued postponement of the groundbreaking, which resulted in substantial delays to our move-in date. RADIO ONE reassessed its options in light of the new economic reality ... and concluded that this is not the appropriate time to commit to moving its operations to a yet to be constructed building.
"The current economic climate requires fiscal discipline and RADIO ONE has an obligation to be austere in its approach to the use of capital. RADIO ONE believes that there are more cost effective options for our corporate headquarters, especially given the decline in rents and widespread availability of commercial real estate."