Here’s how much DDOT will pay in rent for its new headquarters

The District is close to locking in a deal for a new transportation department headquarters in the Navy Yard area, where it will kick off the construction of a new office building to be developed by William C. Smith & Co. Inc.

The city’s real estate arm has proposed leasing nearly 175,800 square feet for the D.C. Department of Transportation at 250 M St. SE for an annual rental rate of $54 per square foot, or about $9.5 million a year, according to a leasing agreement the Bowser Administration submitted to D.C. Council Chair Phil Mendelson for introduction on Nov. 28.

DDOT would move to the proposed 182,855-square-foot building in March 2021. The lease term negotiated between the Department of General Services and WCSmith would be for 15 years, with a five-year extension option. The District would also have an option to acquire the building at fair market value provided it exercises the option no more than 540 days before the end of its initial lease term.

The rental rate comes in just…

Read the full story from the Washington Business Journal.