Thu. May 26th, 2022

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 arm signed a lease agreement for 1.2 million square feet in Washington, three times the size of the largest last year in the nation’s capital, for the new headquarters of the Securities and Exchange Commission.

The General Services Administration entered into a 15-year lease with the option to extend 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, 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 redeveloping this expansive, detached site began 30 years ago when we first bought the land, and it’s exciting to finally see it come true,” Norman Jemal, CEO of Douglas Development, said in a statement.

Douglas, founded by Norman’s father, Brooklyn-born Douglas Jemal, is among Washington’s greatest developers. It also owns an adjoining space that can fit 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 tenant.

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

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

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