Washington, DC: Republic Secures Major Long-Term PBGC Lease for Portals II Building
Washington, DC: Republic Properties Corporation, an affiliate of the Republic Family of Companies
(www.RepublicFamilyOfCompanies.com), and its partners announce the execution of a Pension Guarantee Benefit Corporation (PBGC) lease for 445 Twelfth Street, SW. PBGC will occupy approximately 433,000 SF of the 610,000 SF Building for at least 15 years commencing in late 2021.
445 Twelfth Street, SW, also known as Portals II, is a 610,000 SF Class A office building that is part of the $1 Billion, 3 million square foot Portals project which already includes the 440 room Mandarin Oriental Hotel, a new 373 unit luxury apartment building currently under construction, plus two other Class A office buildings with associated retail. The Portals Development is a landmark project located at a principal gateway to the City where the 14th Street Bridge enters Washington, DC’s Monumental Core and Downtown.
Steven Grigg, President of Republic Properties, stated: “We are proud to secure such a prestigious institutional tenant to the Portals on a long-term basis. This represents a further validation of the attraction of the mixed-use complex which we worked to create at the Portals. With the PBGC occupancy substantially anchoring the Portals II Building, we have a very unique opportunity to provide additional co-tenancy opportunities with special views on very efficient useable floor plates that overlook the Potomac River, the Tidal Basin, the SW Waterfront and Virginia. The lease is a reaffirmation of the confidence that the market has in the quality of our organization’s ability to develop and operate investment grade real estate. We would also like to thank CBRE’s Lessor Advisory Group that represented the owner in this transaction. ”
Portal II’s office space is currently occupied by the FCC as its headquarters and will continue to be fully occupied by them until late 2020. Once the FCC moves, the building will be fully renovated in preparation for PBGC’s occupancy. The approximately 167,000 SF office portion of the Portals II not occupied by PBGC features its own independent elevator lobby, a street address and entrance off of Maine Avenue, and spectacular views of the DC and Potomac waterfront. Further, Portals II is a block from the new Wharf waterfront development that just opened.
George Cantrell, Vice President of Republic, noted that: “We successfully acquired the lease because we offered the best choice to PBGC with a balance of quality office space, desirable location, functionality and economic efficiency, all in a layout that allows the tenant to secure its own identity.”
Portals II includes not only two elevator cores, but multiple convenient entrances into its 500+ car underground parking facilities, a landscaped food court, and stand-alone fitness center.
Republic Properties Corporation is part of the Republic Family of Companies, a full service Real Estate development and management firm with offices on both the East and West Coasts of the United States. The Republic Family of Companies has developed over $5B of projects on a national basis and currently over $1B of active projects under construction and development that includes residential, hotel, office, institutional uses and retail components.