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New SEC lease to avoid $82M in costs to taxpayers
April 20, 2020
By Ben Zabava
Rendering of 100 Pearl Street in Lower Manhattan, future lease location of the U.S. Securities and Exchange Commission. Image courtesy of 100 Pearl Street LH LLC.
NEW YORK – On March 30, the U.S. General Services Administration awarded a 20-year lease of 155,556 usable square feet of space for the U.S. Security and Exchange Commission’s future offices at 100 Pearl Street in Lower Manhattan. Faced with an expiring lease on its current space at 200 Vesey Street, SEC turned to GSA to negotiate a new lease with close proximity to the city’s financial markets. Over its 20-year term, the new lease will avoid approximately $82 million in lease payments from what the rental costs of renewing SEC’s expiring lease would have been.
“Securing real estate in Manhattan can be a challenge,” said SEC Realty Specialist Rosemary Alexander. “It’s great to be able to call on specialists in it, like the team at GSA.”
“Adhering to all the constraints stipulated by the Prospectus approved by Congress, we awarded the new lease to 100 Pearl Street LH LLC,” said GSA Lease Contracting Officer Alfonso Yau. “SEC will occupy part of the 20th floor, and all of floors 21 through 26 of the 27-story building.”
The new space should be ready for occupancy by fall 2022.
“SEC’s space planners and interior designers are now working with GSA’s team on finalizing the schematic design for this new space. Our goal is to ensure the space is modern, efficient and technologically advanced,” said GSA’s Senior Project Manager Robert J. Collegio. “We’re very glad GSA can help the SEC look forward to working in a brand new space, and that the taxpayer can benefit from millions of dollars in cost avoidance.”
For more information about the realty services GSA provides, please visit https://www.gsa.gov/real-estate/realty-services-overview.