Republic Properties Secures A 432K SF Lease To Replace FCC At The Portals
The General Services Administration has reached a deal with Republic Properties Corp. to fill the vacant space the Federal Communications Commission will leave at The Portals when it moves to NoMa.
Under the deal, which still needs congressional approval, the Pension Benefit Guarantee Corp. would lease 432K SF at 445 12th St. SW, the Washington Business Journal reports.
The lease would help make up for the 602K SF space the FCC will depart when it moves to Trammell Crow's Sentinel Square in NoMa in 2019. Republic Properties had filed a lawsuit contesting that move and appealed a judge's December decision to dismiss the suit. The parties signaled this deal was likely in documents submitted to the federal appeals court in April.
The move would leave Brookfield Properties with an empty building at 1200 K St. NW, the downtown office currently filled by PBGC. The 365K SF office building was built in 1992 and sits three blocks from the McPherson Square Metro station.
The agreement shows that the GSA is still working to strike deals for new leases even as some major projects remain stalled as the agency awaits the appointment of a permanent administrator.
