After Seeking To Move Agency, GSA Renews 207k SF ITC Lease
The GSA had been looking to consolidate the International Trade Commission into a new home, but after only receiving one competing offer that fit its requirement, it's not going anywhere.
The agency's 207k SF lease at 500 E St SW, above, has been renewed for 15 years, according to an award posted to the federal government's contracting portal, FedBizOpps, yesterday.
The GSA posted a notice in June that it was seeking a new, 158k SF space for the agency. After conducting a market search that identified six potential properties, only two landlords applied for the lease.
The building was developed as a build-to-suit for the ITC by Boston Properties in 1987. The GSA had requested roughly $43M from Congress for the renovation and build out of a replacement space, but Congress rejected it and provided no funding.
The lease will pay Boston Properties $130.4M over the 15-year term. The building has three courtrooms and a hearing room, and the ITC occupies 207k SF of its 252k SF footprint.
