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Capital Business
Posted at 01:15 PM ET, 03/05/2013

GSA receives 10 responses for proposed redevelopment of Federal Triangle South

FAA building at 1000 Independence Ave. in Southwest. (Jeffrey MacMillan - JEFFREY MACMILLAN FOR WASHINGTON POST)
The General Services Administration received 10 proposals for redeveloping a collection of federal buildings it owns along Independence Avenue south of the National Mall, raising the possibility that the government will move forward with an overhaul of the area.

The proposals were submitted in response to a search for private sector interest in the 22-acre area issued by the GSA last fall. Daniel M. Tangherlini, GSA’s acting administrator, has floated the idea of selling or trading some of the property in exchange for new buildings or building services.

The GSA has not released the names of companies that made proposals, but the responses “offered a variety of potential transaction structures including outright sales, exchanges, proposals for leasing space, and various combinations,” according to a statement issued by the agency.

Tangherlini was encouraged by the response.

“We are pleased that there is apparent interest in the private sector to partner with GSA in redeveloping Federal Triangle South and make more efficient use of these facilities, ” he said in the statement. “The responses we received are providing us insight into how we can revitalize a section of Washington, D.C., best meet the space needs of the federal government, and save taxpayer dollars.”

Federal Triangle South, which includes five buildings housing nearly 13,000 employees, is bounded by Independence Ave to the north; 6th Street to the east; Maryland Avenue and portions of D Street to the south; and 12th street to the west.

Even without zoning changes, an additional 2.2 million square feet of development could be added there, and planners say that adding new homes, hotels and shopping options would enliven the area.

The project is serving as something of a test run for determining the future of the FBI headquarters, as Tangherlini has also proposed swapping the J. Edgar Hoover Building for a new FBI headquarters campus.

FBI proposals were due March 4, and the GSA has not released information on the FBI proposals it received. A House subcommittee plans to hold a hearing on the FBI search Wednesday morning.

The Federal Triangle South responses indicated that an exchange was a viable transaction, but that infrastructure “will be a significant challenge and will require the coordination of many stakeholders,”according to the GSA. To move forward, the agency would likely issue a more targeted request for a development partner.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

By  |  01:15 PM ET, 03/05/2013

Tags:  GSA, Federal Triangle South, FBI, commercial real estate

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