It seems the nation’s largest urban-formatted radio group is not moving its headquarters just yet.
Radio One confirmed to investors recently that it has decided not to lease space in a new residential/office complex being built in Washington. The firm is currently based in Maryland.
Radio One President/CEO Al Liggins stated to investors that the D.C. government had allocated funds to attract Radio One to the project in 2007, when the expected completion date was 2009. The economic decline and continued postponement of the groundbreaking caused Radio One to reexamine its situation.
“Radio One reassessed its options in light of the new economic reality and the upcoming expiration of its Lanham, Md., lease on Dec. 31, 2011, and concluded that this is not the appropriate time to commit to moving its operations to a yet to be constructed building,” Liggins said.
“The current economic climate requires fiscal discipline and, as a public company, Radio One has an obligation to be austere in its approach to the use of capital,” Liggins continued. “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.”
The United Negro College Fund will replace Radio One in the project, according to the Washington Post.
Radio One moved from the District to Maryland more than a decade ago. It’s looking for more space as its cable television network TV One and interactive divisions expand.