Regency Affiliates, Inc. reported that the General Services Administration (GSA) announced that it proposes to exercise a 10-year renewal option to lease up to 824,563 rentable square feet (RSF) of space for the Social Security Administration (SSA) at the Security West complex at 1500 Woodlawn Drive in Woodlawn, MD. Regency owns a 50% limited partnership interest in the Security West complex. The GSA factsheet describing the lease extension proposal, a copy of which can be found at the link below, indicates that the GSA proposes remaining at the Security West complex through exercise of an existing 10 year renewal option in light of a pending evaluation of the long-term need for additional leased space surrounding the SSA's headquarters in Woodlawn. The renewal option under the lease contemplates the lease of 824,563 RSF at a monthly rental rate of $1.15 per square foot which is consistent with the current rental rate, with full or partial termination rights in favor of the GSA starting after the second year of the new lease. The existing mortgage balance on the property is expected to be amortized down to approximately $10 million as of the projected October 2018 lease renewal date contemplated by the GSA's proposal.