This morning the District of Columbia Building Industry Association (DCBIA) hosted its seminar entitled “GSA Downsizing – A Perfect Storm Looming”, consisting of a panel of government officials and private sector professionals. We were there and here is some of what we learned: Rep. Eleanor Holmes Norton reported that Congress is expected to (finally) hold […]
It’s a simple proposition: Build us a new building, even something as simple as a parking garage, and you can have the old one. That old building might be an office tower, a courthouse, or some other large public structure. It might even be another parking garage. We say “might be” because, to judge by […]
With doors still locked at federal buildings around the country, many are wondering: Who is maintaining security during the funding hiatus? For about 9,000 facilities owned or leased by the General Services Administration (GSA) or the Department of Homeland Security (DHS), the responsibility belongs to the Federal Protective Service (FPS). Part of the DHS, the […]
Which federal agency oversees a daily cash flow of $89 billion, disbursing more than $1.6 trillion in non-defense payments each year and collecting more than $3 trillion annually—which makes it responsible for administering the world’s largest collection system? The Financial Management Service (FMS), a bureau of the U.S. Department of the Treasury, performs many of […]
Washington Office Center on left and Washington Design Center on right (with Washington Office Center partially visible behind it) Today the Washington Business Journal reported that Vornado has selected a buyer for its Washington Office Center (409 3rd Street, SW) and Washington Design Center (300 D Street, SW) properties in Washington, DC’s Southwest submarket. The two […]
Colliers today released its Q1 report profiling the North America industrial market. It demonstrates that the overall outlook is bullish for manufacturing, intermodal transportation, port activity, and thus for industrial real estate. The increase in specialized manufacturing has also translated into increased demand for industrial space. In Q1 2012, there was positive net absorption in North […]
The U.S. General Services Administration (GSA) leases private property at a cost of billions of dollars—$5.7 billion annually, to be precise, spread out over more than 8,000 leases. Every year, the agency claims, it saves taxpayers…
Constitution Center (photo: CoStar) As was recently reported in Real Estate Finance and Investment, MetLife is under contract to acquire Constitution Center for what could be the highest total price paid for a building in Washington, DC this year. David Nassif Associates listed the 1.4 MSF office building located at located at 400 7th Street, […]
Alexander Hamilton U.S. Custom House In recognition of the fact that May is National Preservation Month, we’re taking a brief look at GSA’s historic preservation efforts. More than a quarter of the 1,600 buildings owned by GSA, containing more than 60 million square feet of space, are listed in or eligible for the National Register […]
The Veterans Benefits Administration (VBA) is one of three organizational elements within the U.S. Department of Veterans Affairs (VA). (The other two are the Veterans Health Administration and the National Cemetery Administration.) VBA is responsible for administering VA programs that provide financial and other nonmedical forms of assistance to veterans, their dependents and their survivors. […]
Click on the map above to open the interactive dashboard. We are often asked to talk about the GSA-leased inventory and we enjoy doing it. In particular, investors and lenders challenge us to help them understand the true breadth of the GSA-leased property portfolio. How big is it really? How many properties are leased solely […]
As discussed in Part 1 of this two-part series on GSA’s budget problems, Congress has screwed down the appropriations spigot, nearly shutting it off completely. That article showed how congressional appropriations for GSA’s Construction & Alterations projects and Repairs & Maintenance programs have declined dramatically over the past several years. The appropriated funds are insufficient […]
The Federal Real Property Profile (FRPP) is a comprehensive and descriptive database of “all real property under the custody and control of all executive branch agencies, except when otherwise required for reasons of national security, in accordance with Executive Order 13327.” It was created by that executive order, which was signed by President George W. Bush […]
Earlier this month we reported that a dozen prospectus resolutions had been added to the House Transportation and Infrastructure Committee mark-up agenda – and then removed the day before the meeting. Their appearance tantalized us with the prospect that these resolutions would finally be approved. Alas, it was not to be. Since we snoop around […]
