The agreement between the General Services Administration (GSA) and Douglas Development and Midtown Equities for a new Securities and Exchange Commission (SEC) headquarters in Washington D.C.’s NoMa neighborhood has been terminated.
According to the Washington Business Journal, this deal was announced in September 2021, with SEC planning to lease 1.2 million square feet of space at 60 New York Ave. NE. However, an affiliate of Douglas Development Corp., known as CJN Properties LLC, is now seeking to appeal the cancellation of its lease agreement.
In a statement released by GSA, it was stated that despite multiple attempts since Spring 2023 to find a mutually beneficial solution with CJN Properties LLC regarding their ability to finance the construction of the building as required by their lease agreement, no progress has been made beyond initial phases.
CJN’s affiliate company Cayre Jemal’s Nick LLC expressed disappointment over GSA’s decision and believes it does not serve the best interests of taxpayers or federal government. The termination comes after three years since signing the original lease agreement.
