GSA Looking For Up To 575k SF For New DEA HQ
The GSA is looking for a new home for the Drug Enforcement Agency, a search that should capture the imagination of a host of landlords in NoVa.
The DEA occupies 503k SF in Pentagon City at 600-700 Army Navy Dr under a lease that's set to expire in September 2018. The GSA has posted a prospectus looking for up to 575k SF under a new lease for up to 15 years, the Washington Business Journal reports.
The substantial bump in space from 503k SF to 575k SF seems to run against the current mandate for the GSA to reduce its real estate footprint, but it’s possible the HQ will come closer to its current size as the prospectus indicates that was included to increase competition. The DEA’s current digs house nearly 2,500 employees and include a visitor center and museum.
The search for a new home for the DEA is expected to capture significant interest from landlords in the Arlington County office market, which is struggling with a vacancy rate greater than 20%. Arlington did receive some positive news earlier this week when the GSA announced the renewal of nearly 1M SF of leases for the Department of Defense to remain in Crystal City. [WBJ]