U.S. General Services Administration
GSA Announces New, Consolidated Lease Agreement for Pension Benefit Guaranty Corporation (PBGC)
New 15-year lease will consolidate three PBGC locations, reduce footprint and reduce annual lease cost by $4.5 million
Washington, D.C. —The U.S. General Services Administration (GSA) announced a new lease agreement for occupancy by the Pension Benefit Guaranty Corporation (PBGC).
Under the new lease agreement, PBGC will consolidate its headquarters from three leased locations into one facility. The new headquarters will occupy 431,785 rentable square feet (RSF) at 445 12 Street, S.W., Washington, D.C. (also known as The Portals) for a firm term of 15 years.
“GSA is pleased to provide the PBGC with a modern and efficient consolidated headquarters location that will meet their long term housing requirements and provide great value for American taxpayers,” said GSA’s Public Buildings Service Regional Commissioner for the National Capital Region Mary Gibert. “The new lease will reduce PBGC’s real estate footprint and their utilization rate, and save the American taxpayer approximately $4.5 million in annual leased cost avoidance.”
PBGC is reducing their real estate footprint by approximately 35,375 RSF. In addition to the savings associated with a smaller footprint and lower annual rent, the federal government will also reduce expenses associated with having multiple leased locations.
“PBGC is pleased to have partnered with the GSA in securing a new consolidated headquarters location,” said Director of PBGC Tom Reeder. “GSA has worked collaboratively with us to refine our requirements and has been helpful in guiding us through the leasing process.”
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