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Security West Signs New 717K-SF Lease With GSA in Maryland
Security Land and Development Company Limited Partnership signed a new 10-year lease with the U.S. GSA for the Security West Complex in Woodlawn, MD consisting of 717,011 square feet of office and related space occupied by by the U.S. Social Security Administration. The lease runs through October 31, 2028 and has an initial annual rent of roughly $11.75 million.
Regency Affiliates, Inc.’s Laurence Levy, which owns a 50% limited partnership interest, says, “The new lease provides cash flow certainty to support a refinancing of the property. We anticipate that GSA will be a tenant at the Security West complex for significantly beyond the current lease term.”
New debt has been arranged on the 34.3-acre Security West totaling roughly $30 million. Net proceeds are being used to payoff existing debt and to fund capital improvements and reserves of about $17 million, with the balance available for distribution to the partners.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Lease
