The Washington Metropolitan Transit Agency announced on Tuesday that it has selected a new headquarters in the city, right across the street from L’Enfant Metro Station at 300 7th Street SW.

The new building will replace Metro’s sprawling downtown headquarters, the 43,000 square foot Jackson Graham building, which is in dire need of infrastructure repairs. The Metro board approved the sale of that building this summer, and authorized the agency to purchase a new headquarters in D.C. (as well as other new buildings in the suburbs). That building will be officially put on the market in spring 2019. WMATA had been considering selling that headquarters—and replacing it with several smaller buildings in D.C., Virginia, and Maryland—since 2002. The agency plans to downsize from 10 buildings across the region to a total of seven.

The new building is an empty office space colloquially known as the Reporter’s Building, according to the transit agency. It will be stripped and completely renovated and modernized, including some commercial amenities on the bottom floor, Metro says. The agency might also end up adding three floors to lease out. At 149,700 square feet, the new building is about 30 percent smaller than its prior headquarters, which Metro says will likely result in some operational changes. Some jobs now completed at the headquarters in D.C. may have to migrate to another new building in the suburbs.

The site was chosen in part for its accessibility to Metro lines, according to a release from the agency. The Red Line is the only one not directly accessible at L’Enfant.

Metro will seek final approval from the board this week to purchase the building. The board will discuss confidential terms of purchase at its Thursday meeting. The agency could have the building locked down by the end of the month if the full board approves the transaction on November 15, the agency says, and the renovation should take about two years.

Below is a rendering of the full building from WMATA: