BREAKING: SEC Terminates Deal To Build A New Headquarters In NoMa
The deal to build a new headquarters for the Securities and Exchange Commission is dead.
The General Services Administration announced Tuesday it has terminated a lease agreement with Douglas Development and Midtown Equities for a new 1.2M SF headquarters planned in D.C.’s NoMa neighborhood. It cited the developer's inability to secure financing as the reason for the termination.
“Despite multiple attempts by GSA to find a mutually beneficial solution since the Spring of 2023, CJN has been unable to demonstrate its ability to finance construction of the building, as required by the lease, and the project has yet to proceed past the initial phase,” a GSA spokesperson said in a statement. “Because of this, GSA has determined that it is in the best interest of the Government to terminate the contract and it did so today.”
Douglas was awarded the lease in September 2021. Construction was set to start in June 2022, but a year after that, Bisnow reported that the developer had still not secured financing.
The plan was to relocate the agency from leased space next to Union Station at the Station Place complex. In October 2023, the agency signed a five-year extension, signaling that the headquarters move would not be taking place on schedule.
The GSA spokesperson added that it “remains committed to finding a cost effective housing solution for the SEC to support the vital mission it performs for the American people.”
