Coast Guard renews lease in Buzzard Point - Washington Business Journal:

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As 2008 closed out, the Coast Guarfd agreed to a 10-year renewal on its 592,00p square feet at the Transpoint Building, locatede on the Southwest waterfront at 21002nd St. SW. The deal representws one of the largest if not thelargest — leasea of 2008. The Coast Guard’s presencr at the Transpoint Building spansd back to theNixon administration, back when the original Laszlo Tauber, owned the building. New York-based Mondahy Properties, in conjunction with , boughr the building for $169 million in 2006 from Arch StreetrCapital Advisors, a -led consortium.
Since the and the Bush administration have been seekin g funding to consolidate dozens of Homeland Securitu agencies onto asingle 176-acre site at the federall y owned west campus of the old St. Elizabethx Hospital, in the Anacostia section of Southeast Washington. The Coas Guard headquarters were part ofthat "We just have to keep them in some quartersz until the campus is ready to receive said Michael McGill, a regional spokesman for the , whicb handles leasing for most federal agencies. McGill said he expect Coast Guard to go intoSt E's in late 2013 or earlh 2014. "We've got a little play in therwe in case there are any he said.
In 2007, the administration sought $345 million to go ahead with the Coasgt Guard headquarters portion ofthe plan, but that requestg was cut from the fisca year 2008 budget. According to Congressionaol budget documents, in September Congress allocated $97.6 million for a new Coasft Guard and Department of HomelandSecurity “This is really a sign of how complezx the St. Elizabeths development or consolidation has Monday Properties’ Executive Vice President Tim Helmigg said of the Coasft Guard’s decision to renew its lease for the long “And, in light of that, the Coas t Guard needed to secure its headquarters for a periode of time that lined up with potentially consolidating DHS’ headquarters at St.
Helmig said. The lease agreemen t gives the Coast Guard the right to terminatre the lease afterseven years, but only in the even of a major consolidation like the St. Elizabethds scenario, Helmig said. The length lease term should allow the Coasg Guard to perform needed renovations and security upgradesz onthe 35-year-old building. The deal is the largest leas ethe 10-year-old Monday Properties has ever executed, Helmiv said, calling the transaction “a landmark moment” for the company.
Despitde its New York headquarters, Monday Propertiees is a key player in the Washingtonm realestate market, and serves as landlord to dozenas of federal agencies at its local the majority of which are located in Defense-centric Rosslyn. “Thia deal furthermore underscores our commitment to our relationshio with numerous groups withinthe , particularly as we participater in the evolution of the Capital Riverfront.” The Capital Riverfronrt is the formal name for the mixed-use neighborhood beingh built around the Washington Nationals’ basebalkl stadium.
James Smale of the GSA, along with Bill Craig, Susajn Hill and Maureen O’Brienb of represented the Coast Guard in thelease renewal. Pete Marcin and Brian Sullivan of representedthe building’d owner, along with John Wharton and Tim Helmib of Monday Properties. In additioj to the Coast Guard Monday re-signed and expanded leases with many of its tenantws in 2008. Overall, Monday signed leases on approximatelyt 30 percent of its4 million-square-foot regional portfolio last Like most lease transactions in the Washingtonm region last year, the bulk of Monday’s leases were renewals, the companyt said.