SEC plans to move into new 1.2M sf headquarters in Washington D.C.

The deal is triple the size of the largest of 2020 in nation’s capital

National /
Oct.October 01, 2021 06:27 PM
Douglas Jemal and the location for the new Securities and Exchange Commission headquarters (Google Maps, Getty)

Douglas Jemal and the location for the new Securities and Exchange Commission headquarters (Google Maps, Getty)

The federal government’s commercial real estate arm signed a 1.2 million-square-foot lease in Washington, triple the size of the largest last year in the nation’s capital, for the new headquarters of the Securities and Exchange Commission.

The General Services Administration inked a 15-year lease with an option to renew for 10 years with Douglas Development and Midtown Equities at 60 New York Avenue NE. The agency began its search for a new home for the SEC, now located in three buildings near Union Station, four years ago.

Construction is expected to start in the second quarter of 2022 for offices to accommodate more than 4,500 SEC employees in two adjacent buildings.

“Our vision to redevelop this expansive, free-standing site began 30 years ago when we first purchased the land, and it’s exciting to finally see it come to fruition,” Norman Jemal, managing principal of Douglas Development, said in a statement.

Douglas, founded by Norman’s father, Brooklyn-born Douglas Jemal, is among Washington’s largest developers. It also owns an adjacent site that could fit 600,000 square feet of offices, 600 residential units, or a combination of the two.

Brian Sullivan of JLL represented the landlord, while Todd Valentine, David Lipson and Neil Levy at Savills and Kevin Terry at GSA represented the tenant.

New Yorkers might recognize the Jemal name. Douglas Jemal was one of four brothers who ran The Wiz, an electronics retailer best known before its 1997 bankruptcy for its relentless slogan, “Nobody Beats The Wiz!”

Douglas Jemal was convicted in 2006 of one count of wire fraud for falsifying loan documents. Sentenced to five years of probation, he was pardoned by President Trump just before Trump left office.





    Related Articles

    arrow_forward_ios
    (Facebook via The Palms Hotel Fire Island)
    Fire (Island) sale: Palms Hotel hits the market
    Fire (Island) sale: Palms Hotel hits the market
    Morgan Properties trades NJ multifamily portfolio for $57.5M
    Morgan Properties trades NJ multifamily portfolio for $57.5M
    Morgan Properties trades NJ multifamily portfolio for $57.5M
    New firm pays $50M for Edgewater multifamily
    New firm pays $50M for Edgewater multifamily
    New firm pays $50M for Edgewater multifamily
    Jeff Bezos and the Jersey City office property (LoopNet, Getty)
    Amazon scraps 400K sf Jersey City office deal
    Amazon scraps 400K sf Jersey City office deal
    Development trio wagers $150M on Newark’s struggling office market
    Development trio wagers $150M on Newark’s struggling office market
    Development trio wagers $150M on Newark’s struggling office market
    New Rochelle mixed-use development snags $77M Cerberus loan
    New Rochelle mixed-use development snags $77M Cerberus loan
    New Rochelle mixed-use development snags $77M Cerberus loan
    Burlington opening eighth Long Island store amid plan to double locations
    Burlington opening eighth Long Island store amid plan to double locations
    Burlington opening eighth Long Island store amid plan to double locations
    Restaurant Depot, a wholesaler, fills Walmart cavity in Riverhead
    Restaurant Depot, a wholesaler, fills Walmart cavity in Riverhead
    Restaurant Depot, a wholesaler, fills Walmart cavity in Riverhead
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...