GSA Sells Old Post Office Building for $80 Million, Locking In Public Access and Preservation
Updated
Updated · Fox Business · Jun 10
GSA Sells Old Post Office Building for $80 Million, Locking In Public Access and Preservation
3 articles · Updated · Fox Business · Jun 10
Summary
$80 million is the reported price for the Old Post Office Building, which GSA said it sold under the existing ground lease to cut costs on the Washington landmark.
Public access to the clock tower was permanently secured in the deal, while binding preservation and fine-arts covenants protect the building’s architecture and keep key artworks in public ownership.
BDT & MSD Partners held the right of first offer and acquired the property, while Hilton’s long-term agreement to run the hotel as the Waldorf Astoria Washington D.C. remains in place.
Before its hotel redevelopment, taxpayers were absorbing about $6 million a year in losses; GSA said more than $250 million in private capital has since been invested and total taxpayer revenues are expected to top $110 million.
The 1899 building—formerly the Trump International Hotel from 2016 to 2022—is one of dozens of federal properties GSA has moved to sell as the administration trims underused real estate.