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The federal government owns 14,000 properties it doesn't need and wants to raise $15B by selling them. (Its original idea was to host the world's largest scavenger hunt.) Cassidy Turley government building expert Darian LeBlanc, the GSA's Desa Sealy, Edge Principal Advisors' Jeffrey Walker, JLL's Joe Brennan, and Arent Fox's Jon Bouker and Keith Styles will chat about this at Bisnow's Federal Assets for Sale event Nov. 18 at The Roosevelt Hotel.
Darian LeBlanc Reagan Building, DC, February 2011
The problem is there's no law to allow such a yard sale, Darian(whom we snapped at Bisnow's GSA event in DC in February) tells us. The House subcommittee on Economic Development, Public Buildings & Emergency Management has approved Calif. Rep. Jeff Denham's "Civilian BRAC" bill to dispose of the properties, but the bill is now tied to a measure to gift the Apex Building (FTC HQ) in DC to the National Gallery of Art, says Darian. That's an unpopular idea that makes the combined legislation less likely to come to a full House vote.
US Capitol
So what needs to happen for the government to be able to clean house? Civilian BRAC legislation needs to pass on its own, forming a commission that would review the government's real estate portfolio and then determine market values. Wanna learn more? Sign up now!