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GSA Conveys Ownership of the Former Federal Reserve Bank Building

April 6, 2015

SEATTLE - The U.S. General Services Administration (GSA) transferred the ownership of the former Federal Reserve Bank Building to 1015 Second Avenue LLC from Seattle, WA on April 3, 2015. On February 9, 2015, GSA accepted a high bid of $16 million dollars for the building and now has successfully moved another excess federal property off of the government’s books.

Regional Administrator George Northcroft Says:

“This building is the latest action in our efforts to get federal properties off our books while creating savings for the American taxpayers. GSA remains committed to finding the best solution for GSA's excess properties and putting our facilities to new uses."

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.

Key facts:

  • In 2014, GSA sold or transferred 342 facilities across the country, generating more than $42.7 million in sales. That is a 60 percent increase in the volume of disposals since last year.
  • Since 2010, GSA has completed 907 disposal transactions, which have generated $250.2 million in proceeds and eliminated more than 67,654 acres of excess land.
  • Nationally, GSA’s vacancy rate is 5.5%, far below the private sector average of 16.8%.
  • The public can find out more about GSA’s disposal efforts and opportunities to own excess property on and

April 6, 2015

Last Reviewed: 2019-05-02