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New Details Emerge on the Quest for the Hoover Building

Five development teams have been confirmed in the bid for FBI headquarters, the Washington Post reports. The battle likely involves six of the biggest names in Washington real estate; confirmed firms include Theodore D. Lerner partnered with World Trade Center developer Silverstein Properties; Boston Properties; JBG Cos (which has the largest real estate portfolio in Washington); Hines Interests; and Peterson Cos, the developer behind Fair Lakes and National Harbor. Architecture firm Gensler is working with multiple teams hoping to be chosen to prepare a proposal for the new HQ on one of three sites in Greenbelt, Landover or Springfield. The chosen developer will also gain the right to redevelop the valuable J. Edgar Hoover Building on 6.7 acres in the Penn Quarter neighborhood. Real estate officials estimate the Hoover Building’s worth at $300M to $1B, with the DC government assessing it at $652M.