The government will be paying an annual gross rent of $2.58 million according to a GSA spokesperson. The agency is moving from a former Army "Nike" missile system site in Gaithersburg, MD that was built in 1975, he tells GlobeSt.com. Its age and the fact that it was not built for the CPSC's mission were the reasons why it opted to lease private sector space, he says.

"This procurement culminates extensive discussions between GSA and CPSC about how best to meet their needs for a modern testing facility," regional commissioner Bart Bush with GSA's National Capital Region, says in a prepared statement. "This new site will give them the space they need in up-to-date buildings."

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.