The SEC must move in at 1.2 M Sq. Ft. Headquartered in Washington DC

Douglas Jemal and the location of the new Securities and Exchange Commission headquarters (Google Maps, Getty)

Douglas Jemal and the location of the new Securities and Exchange Commission headquarters (Google Maps, Getty)

The federal government’s commercial real estate department signed a 1.2 million-square-foot lease in Washington, three times the largest last year in the nation’s capital, for the new headquarters of the Securities and Exchange Commission.

The General Services Administration signed a 15-year lease with the option to renew for 10 years with Douglas Development and Midtown Equities at 60 New York Avenue NE. The agency began its search for a new home for the SEC, which is now housed in three buildings near Union Station, four years ago.

Construction is expected to begin in the second quarter of 2022 for offices to accommodate more than 4,500 SEC employees in two adjacent buildings.

“Our vision of rebuilding this expansive, free-standing area began 30 years ago when we first bought the land, and it’s exciting to finally see it come true,” said Norman Jemal, CEO of Douglas Development, in a declaration.

Douglas, founded by Norman’s father, Brooklyn-born Douglas Jemal, is among Washington’s greatest developers. It also owns an adjoining plot that could accommodate 600,000 square feet of offices, 600 housing units or a combination of the two.

Brian Sullivan of JLL represented the landlord, while Todd Valentine, David Lipson and Neil Levy of Savills and Kevin Terry of GSA represented the landlord.

New Yorkers may recognize the Jemal name. Douglas Jemal was one of four brothers who ran The Wiz, an electronics retailer best known before its 1997 bankruptcy for its relentless slogan, “Nobody Beats The Wiz!”

Douglas Jemal was convicted in 2006 of a single charge of transfer fraud for forging loan documents. Sentenced to five years probation, he was pardoned by President Trump just before Trump left office.

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