Social Security Administration Renews 717,011 SF Corporate Headquarters Lease in Baltimore County

WOODLAWN, MD. — The U.S. General Services Administration (GSA), working on behalf of the U.S. Social Security Administration, has signed a 10-year lease renewal for Social Security’s Baltimore County headquarters. The GSA signed the 717,011-square-foot lease with landlord Security Land and Development Co. LP (SLDC) at the Security West Complex in Woodlawn. The lease became effective Nov. 1, 2018 and will run through Oct. 31, 2028. According to its website, GSA provides workplaces by constructing, managing and preserving government buildings and by leasing and managing commercial real estate. The terms of the lease state that GSA can exit part of the lease after three years with a 12-month written notice to SLDC and can fully exit the lease with 24-month written notice after five years. The initial annual rent is approximately $11.8 million. Regency Affiliates, which has a 50 percent interest in SLDC, simultaneously announced it refinanced Security West Complex for $30 million. The net proceeds are being used primarily to pay off existing debt at Security West and to fund capital improvements and reserves totaling about $17 million.