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DC: Who Will Be Obama's Neighbor?

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"Junk Bond King" Michael Milken's foundation may be the new owner of the Riggs Bank Building, just steps from the White House and Treasury building (which we snapped last weekend). The Milken Family Foundation, which supports education and medical causes, is reportedly under contract to purchase the vacant 42k SF building from PNC, which closed a bank branch there three years back. PNC bought the building in '05 for about $11M, and the District recently assessed it at a little over $16M. Newmark is repping PNC in the deal. (Sources tell us President Obama brokered the deal to practice filling vacancies until there's one on the Supreme Court.)

Related Topics: Michael Milken