January 5, 1993
TO: BOARD OF GOVERNORS NO. 1-93
RE: INSTITUTE OFFICE SPACE
__________________________________________________________
As previously reported, the Executive Committee of the
Board of Governors appointed a real estate committee to consider
relocation of the Institute's offices (see Memorandum to Board of
Governors No. 82-92, dated November 20, 1992). I am pleased to
report that the Institute has entered into a lease (subject to
approval by the lenders to the landlord) for office space in City
Center, a new building at 1401 H Street, N.W. The proposed lease
will commence on January 1, 1994, and has a ten-year term, with
two 5-year renewal options. ICI Mutual Insurance Company will
sublease space from the Institute. It appears that the total
cost will be substantially less than the cost had the Institute
been able to remain in its present location.
We will provide you with further information at the January
meeting of the Board of Governors.
Matthew P. Fink
President