GSA Begins Disposal of Federal Reserve Bank Building to Reduce Federal Footprint
September 19, 2013
Release Date: September 19, 2013
SEATTLE – Today, the U. S. General Services Administration (GSA) announced that the agency has begun the federal disposal process for the former Federal Reserve Bank building in Seattle.
The Federal Reserve Bank of San Francisco transferred ownership of the former Seattle Branch to GSA at no cost for disposal through federal guidelines. Since taking the building into its inventory, GSA conducted a detailed analysis to determine the best use for this building to deliver the highest value for taxpayers including moving federal agencies from leased space into this property and a potential exchange for other properties or construction services..
“The disposal of the formal Federal Reserve Bank building in Seattle is the latest action in our ongoing efforts to get excess federal property off of our books,” said George Northcroft, Regional Administrator of GSA’s Northwest/Arctic Region. “The agency has determined that disposing of the property is in the best interest of the American public and the federal government.”
The former Federal Reserve Bank building, located at 1015 Second Avenue, was constructed in 1950 and was home to the bank until 2008. At that time the bank moved to a new facility in Renton, Washington. The 90,000 square foot, four-story building has remained vacant since 2008.
The Federal Reserve Bank transferred the building to the GSA because the GSA is responsible for promoting effective use of federal real property assets, as well as the disposal of real property that is no longer mission-critical to federal agencies.
Under federal law governing the disposal of real property, once a property has been determined to be excess it will be made available to other federal agencies. If there is no further need for the property within the Federal government, the property may be made available for other uses through a public benefit conveyance, transfer for homeless use, negotiated sales for public use, or public sales based on GSA’s determination of the property's highest and best use. For more information on the federal real property disposal process see http://propertydisposal.gsa.gov.
For further information about the property contact James Biederman at firstname.lastname@example.org.