Property Sell-Off: GSA Auctions Will Finance Construction, Renovations
November 11, 2012
The General Services Administration is dramatically stepping up efforts to sell off underused federal properties to help finance federal construction projects, building renovations and new leases.
GSA has seen its building fund depleted significantly in recent years: from $9.1 billion in 2010 to $8 billion in 2012. But GSA is one of the few agencies that can keep proceeds from sales of its own properties. It also earns fees from selling other agencies’ facilities. GSA can use those proceeds to fund other building projects.
Last year, GSA sold 79 properties for more than $37 million, according to the agency. This year, GSA officials and other experts anticipate GSA will exceed those numbers — the agency has already disposed of, sold or put up for sale more than 40 properties so far this fiscal year.