WASHINGTON, DC–Republic Properties Corp. hassecured the Pension Guarantee Benefit Corp. as theanchor tenant for 445 Twelfth St, SW, a 610,000-square footbuilding, otherwise known as Portals II. PBGC is takingapproximately 433,000 square feet in the building in a 15-yearlease that will begin in late 2021 after the current tenant, theFederal Communications Commission, moves out.
The FCC is leaving in late 2020; after that the building will befully renovated for PBGC's occupancy. The remaining space in thebuilding — the approximately 167,000 square feet that won't beoccupied by PBGC — has its elevator lobby and street address.
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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.
