WASHINGTON, DC-Fallout from the financial crisis and subsequent regulatory overhaul has had one distinct silver lining for the District: agencies are expanding their space needs to accommodate new hires. The latest--and largest--such lease to date has just been announced by the Securities and Exchange Commission. It is taking 900,000 square feet at Constitution Center, a 1.4 million square foot building at 7th & D Streets.
Owned by David Nassif Associates, the building underwent a complete overhaul in 2007 when the Department of Transportation relocated to new headquarters. The renovation, made with an eye towards attracting a government agency with high security requirements, delivered at the beginning of the year.
The District is happily absorbing the ever-increasing government assignments for space. The GSA, for example, has out a pre-solicitation notice looking to lease between 455,000 and 508,038 square feet in the Foggy Bottom submarket of the District with a move-in date of July 2012. It wants a minimum of 380,000 square feet in a single building in a lease term for up to 15 years at an average asking rate of $42.08 per square foot.
Other deals in the pipeline--some of which are still in the rumor phase, others about to be formally launched--include 800,000 square feet divided between the Navy Museum and the Navy; 1.5 million square feet associated with the FBI; 750,000 square feet from FEMA; and the GPO with 300,000 square feet to 500,000 square feet.
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