Two Major GSA Leases Hinge On An Uncertain Senate Committee Hearing

445 12th St SW
Republic Properties' Office Building At 445 12Th St., Where The Gsa Recently Signed A Lease To Move The Pension Benefit Guaranty Corp.

The General Services Administration reached an agreement in April to move the Pension Benefit Guaranty Corp. to the Federal Communications Commission's office in Southwest DC, freeing up that agency to move to NoMa, but the deal now awaits congressional approval.

The House has approved the prospectus, but the GSA is pushing a Senate committee to take up the deal at a hearing next week, although it has yet to be placed on the agenda, the Washington Business Journal reports.

Last summer, the GSA selected Trammell Crow's Sentinel Square in NoMa as the new HQ for the FCC. The agency's current landlord, Republic Properties Corp., filed a lawsuit contesting the GSA's search requirements in an attempt to keep the anchor tenant at its 445 12th St. SW building. In April, documents showed the GSA had agreed to replace the FCC in that building with the 431K SF PBGC lease, and Republic has proposed dropping its lawsuit once the deal closes.

That closing now hinges on the Senate Committee on Environment and Public Works, which has a meeting to take up a series of real estate prospectuses on July 12. The PBGC lease is not on the agenda, but the GSA is pushing to get the deal in front of the committee to allow the leases to move forward.

The FCC aims to move to NoMa in November 2019, and the PBGC would move to Southwest DC from its current office at 1200 K St. NW by June 2021.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

270-Unit Manassas Gated Community Sells: The D.C. Deal Sheet

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

How Metropolis Is Bringing Parking Into The Future With AI And Recognition Technology

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject

Private Equity Firm Buys Former Texas Instruments Campus For New Headquarters