The Wall Street Journal (reposted on Realtor.com) is reporting that the federal General Services Administration (GSA) has sold a 940k square-foot vacant office building in Washington, D.C. to a housing developer for $24 million. They say the deal signals a renewed push by the GSA to unload federal property, return vacant buildings to local tax rolls and revive struggling areas in numerous cities. Interestingly, the WSJ reports that the federal government has around $26 billion in deferred maintenance on its buildings.
Dalian is planning to convert the GSA Regional Office Building near L’Enfant Plaza into rental apartments and likely a museum on the ground floor, according to Hossein Fateh, the company’s founder and chief executive. “The entire thing needs to be gutted on the inside,” he said. “The building is so deep you need to put holes in the middle so the residential units will have windows on both sides.”
Click here to read the full story at Realtor.com.
Click here to read the full story at the Wall Street Journal.
Looking for a bargain? Click here to see the GSA’s list of assets identified for accelerated disposition.