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GSA Terminates Deal for New SEC HQ
The General Services Administration (GSA) has terminated its agreement with Douglas Development and Midtown Equities for a new Securities and Exchange Commission (SEC) headquarters in Washington D.C.’s NoMa neighborhood.
The deal was previously announced in September 2021, with SEC set to lease 1.2 million square feet of space at 60 New York Ave. NE. Now, an affiliate of Douglas Development Corp. is planning to appeal the cancellation of its lease deal,” reported the Washington Business Journal.
“Despite multiple attempts by GSA to find a mutually beneficial solution since the Spring of 2023, CJN has been unable to demonstrate its ability to finance the construction of the building, as required by the lease, and the project has yet to proceed past the initial phase,” the GSA said in a statement.
The affiliate, Cayre Jemal’s Nick LLC, said in a statement the GSA’s decision to terminate the three-year-old lease agreement “does not serve the best interests” of the taxpayer or the federal government.
