GSA Officially Announces $31 Million Auction Sale of Surplus Federal Property in the District of Columbia

March 1, 2018

WASHINGTON, D.C. - On February 22, the U.S. General Services Administration (GSA) officially closed on the sale of the 49 L Street, Southeast property in the District of Columbia near Nationals Park and the Navy Yard.

The final auction bid for the one-story property, which sits on 0.68 acres was $31 million. The 33,000 gross square foot property was built in 1924 as a multi-use government warehouse.

“Creating value for taxpayers by reducing the federal government’s physical footprint, including disposal of surplus real property, is a top priority for GSA,” said GSA Administrator Emily W. Murphy. “In addition to the revenue raised through the auction, disposing of surplus property frees the federal government from the cost of maintaining an unused facility, which saves additional taxpayer funds.”

“GSA is pleased to work with all federal landholding agencies to develop real estate strategies to identify and better manage their unused and under-utilized assets, and dispose of them as appropriate,” said Mary D. Gibert, GSA Public Buildings Service Regional Commissioner for the National Capital Region. “The sale of 49 L Street, S.E. brings needed funds to the government while making the property available to prosper in the community.”

The online auction went live in October 2017, with a soft close date of December 4, 2017. There were 14 registered bidders for the property, who placed a total of 74 bids in the auction. The auction closed on December 24, 2017, at a high bid of $31 million. GSA determined that the high bid from the auction was commensurate with fair market value for the site, and the offer was accepted on December 26, 2017.

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