GSA and Trump Ink Final Deal on Washington Old Post Office
June 5, 2013
The General Services Administration on Wednesday announced a final agreement with the Trump Organization to lease the historic but half-vacant Old Post Office Building on Washington’s Pennsylvania Avenue Northwest.
Under a 60-year lease negotiated over the past year, Trump will invest $200 million of his own money to modernize the 114-year-old landmark structure for conversion to mixed-use development -- including one of the mogul’s signature luxury hotels.
“Redeveloping the Old Post Office with a private sector partner will save millions of taxpayer dollars while restoring a unique and important historic asset,” acting GSA Administrator Dan Tangherlini said in a statement. “GSA is committed to delivering the best value for the American people and managing federal real estate assets efficiently. We are pleased that the negotiations have finished and the deal now moves to Congress for review.”
Donald Trump, the company’s chairman and president, said, “It is a great honor and privilege to be given the responsibility of transforming one of our country’s most important landmarks into what will be one of the great hotels of the world.”