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Sale fortifies GSA’s portfolio while protecting a historic Pennsylvania Avenue landmark
WASHINGTON – Today, the U.S. General Services Administration announced the sale of the Old Post Office Building, located at 1100 Pennsylvania Avenue NW in Washington, D.C. This sale supports GSA’s ongoing effort to reduce the federal government’s real estate holdings and concentrate resources on core assets.
Through this carefully structured sale, GSA has permanently secured public access to the iconic clock tower while establishing strong protections for the building’s architectural heritage through a binding preservation covenant. The American people will retain ownership of the acclaimed artwork within, including Robert Irwin’s “48 Shadow Planes” and the historic Benjamin Franklin Statue, guaranteed through a dedicated fine arts covenant.
Additionally, the Washington D.C. Historic Preservation Office has confirmed that this transaction will preserve the property’s historic character, delivering lasting cultural benefits to current and future generations, while demonstrating responsible stewardship of the nation’s architectural heritage.
GSA is moving forward under the terms of the existing ground lease, which includes a Right of First Offer to the current tenant, affiliates of BDT & MSD Partners. GSA previously notified Congress of this lease provision in 2013 and later published the full lease terms to its FOIA Reading Room in 2017.
Before the redevelopment into a hotel, taxpayers absorbed approximately $6 million per year in losses on the building; since then, more than $250 million in private-sector capital has been invested in the property, and total taxpayer revenues over the last 10 years, including the current sale, are expected to exceed $110 million. The sale price was established via an independent, third-party appraisal firm hired by GSA, which followed the Uniform Standards of Professional Appraisal Practice.
