WASHINGTON, DC–Republic Properties Corp. has secured the Pension Guarantee Benefit Corp. as the anchor tenant for 445 Twelfth St, SW, a 610,000-square foot building, otherwise known as Portals II. PBGC is taking approximately 433,000 square feet in the building in a 15-year lease that will begin in late 2021 after the current tenant, the Federal Communications Commission, moves out.
The FCC is leaving in late 2020; after that the building will be fully renovated for PBGC's occupancy. The remaining space in the building — the approximately 167,000 square feet that won't be occupied by PBGC — has its elevator lobby and street address.
Portals II is part of the 3-million-square foot, $1 billion Portal project — a development that includes the 440 room Mandarin Oriental Hotel, a 373 unit luxury apartment building currently under construction as well as two other office buildings with retail.
CBRE's Lessor Advisory Group represented the owner in the transaction.
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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.
