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TARP Program Signs a 10 Year Lease In DC

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Interestingly enough, I just learned about this from a Twitter post. "@BabyStew: Jeebus. The TARP program signed a 10-year lease on office space in DC. Just how long does Obama think this recession's gonna last?" My first reaction went along the same lines.  The reality is that Getting the money back from the TARP beneficiaries is going to take a really long time. Hence, the 10 yr lease

According to the Washington Post March 2, 2009

The General Services Administration said it has signed a lease for 71,000 square feet at 1801 L St. NW for use by the Troubled Assets Relief Program.

Space for TARP offices had been leased in buildings near the Treasury Department and more permanent space had been expected, according to a GSA spokesman.

About 200 people are likely to occupy the space on L Street, for which the GSA is paying about $39 a square foot.

Some brokers and developers are hoping that the program creates demand for more square footage and helps to soften the blow of a glut of office space on the market.

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