X -- Office Lease, 1200 K Street NW, Washington DC

The Pension Benefit Guaranty Corporation (PBGC) plans to negotiate a sole source lease agreement for approximately 300,000 usable square feet of office space at 1200 K Street, NW, Washington DC. This location is owned by EastBanc/TMW Group, and the intention is to establish a new lease that will supersede the current agreement. The need for this lease arises from the agency's planned increase in staffing, which requires additional space within the Headquarters' facility. Since the existing lease does not permit any expansion, PBGC is pursuing an expedited negotiation process without exploring alternative sites. This procurement is classified as a presolicitation with the solicitation number PBGC01-RP-03-0006, and Gregory N. Smith serves as the Contracting Officer responsible for this negotiation. The decision to proceed with a sole source lease is based on economic considerations, the agency’s mission requirements, and the urgency of the expansion. There are no set-aside provisions indicated, and no alternative options are deemed viable to meet PBGC’s space needs at this time.