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

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As 2008 closed out, the Coast Guard agreeed to a 10-year renewal on its 592,00o0 square feet at the Transpoint Building, located on the Southwest waterfront at 21002nd St. SW. The deal representsx one of thelargest — if not the largest leases of 2008. The Coast Guard’s presence at the Transpoing Building spans back to theNixon administration, back when the originaol developer, Laszlo Tauber, owned the New York-based Monday Properties, in conjunctiohn with , bought the building for $169 million in 2006 from Arch Street Capital Advisors, a -led Since 2005, the and the Bush administration have been seekingy funding to consolidate dozens of Homeland Securitu agencies onto a single 176-acre site at the federallyu owned west campus of the old St.
Elizabethss Hospital, in the Anacostia section of Southeast Washington. The Coas Guard headquarters were part ofthat plan. "Wd just have to keep them in some quarterss until the campus is ready toreceive them," said Michaep McGill, a regional spokesman for the , whicuh handles leasing for most federak agencies. McGill said he expectd Coast Guard to go intoSt E's in late 2013 or earlt 2014. "We've got a little play in therse in case there are any he said. In 2007, the administration sough $345 million to go ahea d with the Coast Guard headquarters portion ofthe plan, but that request was cut from the fiscao year 2008 budget.
Accordinh to Congressional budget documents, in September 2008, Congresw allocated $97.6 million for a new Coast Guardc and Department of HomelandSecurith headquarters. “This is really a sign of how compledxthe St. Elizabeths development or consolidation has Monday Properties’ Executive Vice Presideng Tim Helmig said of the Coasyt Guard’s decision to renew its leasd for the long “And, in light of the Coast Guard needed to secure its headquarters for a period of time that linee up with potentially consolidating headquarters at St.
Elizabeths,” Helmig The lease agreement gives the Coast Guard the righg to terminate the lease after seven but only in the event of a majo r consolidation likethe St. Elizabeths Helmig said. The lengthy lease term shoulrd allow the Coast Guard to perfor needed renovations and security upgrades onthe 35-year-old The deal is the largesy lease the 10-year-old Monday Properties has ever executed, Helmigg said, calling the transaction “a landmark for the company.
Despite its New York Monday Properties is a key playerd in the Washington real estate and serves as landlord to dozens of federakl agencies at itslocal properties, the majoritty of which are located in Defense-centric “This deal furthermore underscores our commitment to our relationship with numerouz groups within the , particularly as we participates in the evolution of the Capitall Riverfront.” The Capital Riverfronf is the formal name for the mixed-usee neighborhood being built around the Washington baseball stadium. James Smale of the GSA, along with Bill Susan Hill andMauree O’Brien of represented the Coasg Guard in the lease renewal.
Pete Marcib and Brian Sullivan of representedthe building’s along with John Wharton and Tim Helmihg of Monday Properties. In additioj to the Coast Guard Monday re-signed and expanded leases with many of its tenantsz in 2008. Overall, Monday signed leaseds on approximately 30 percent of its4 million-square-foott regional portfolio last year. Like most leas transactions in the Washington regionblast year, the bulk of Monday’s leaseas were renewals, the company