The GSA is looking for a new 431k SF HQ for the Pension Benefit Guaranty Corp, which could leave its Franklin Square home.

The agency, which protects pension benefits for more than 40 million employees, would shrink about 35k SF by consolidating its three locations into one building, the Washington Business Journal reports.

The PBGC occupies all of 1200 K St NW, pictured above, as well as 1275 K St NW and 1225 Eye St NW.

The agency could potentially extend its stay at 1200 K with Brookfield Property Partners, but the GSA is exploring other options. It last renewed its lease in 2004. The prospectus caps the rental rate at $50/SF, which could make it tough for Brookfield to keep the agency in its downtown location.

This is just the latest in a series of big federal agencies finding new headquarters. The Justice Department, FCC and FBI are all likely moving in the next few years. [WBJ]