Employee on General Services Administration (GSA) was asked to sell over 500 Federal government Buildings in the USA say sources cables.
WIRED received a complete list of GSA buildings, all of which are referred to as “core” or “non-core” assets. Of the more than 1500 assets identified on the list, over 900 are referred to as “core” and thus protected against sale from sale. The term “core” applies to buildings such as federal equipment, border inspection stations or law enforcement authorities.
According to the GSA, according to the sources, the anonymity is plans to be granted because they feared retaliation measures, most of the remaining over 500 buildings, some of which correspond to the US senators.
The list of buildings states that the agency’s intention ultimately should reduce the “size of property in real estate footprint by 50 percent and the number of buildings by 70 percent. The reduction in the non-core general office space of the portfolio, which can be replaced on the private rented market as needed, focus on the non-Korious office. In the future, all non-core buildings will be disposed of and their tenants will be converted into rental contracts. “
GSA, A Critical government This manages federal building and technology, is occupied Elon Musks employeeIncluding the X employee Nicole Hollander, who has access to the high level and an official email address. Thomas Shedd, the recent director of the technology transformation services in GSA, worked as a software engineer at Tesla for eight years. WIRED also reported that a number of young engineers With connections to Musks and little to no government experience, a number of government agencies, including GSA, have admitted access.
According to the list, the buildings intended for the block contain the John C. Kluczynski federal building In Chicago, in which satellite offices for the Ministry of Labor, the drug authority administration, the Internal Revenue Service, a probation helper and the offices for the democratic senators, Tammy Duckworth and Dick Durbin, democratic Illinois senators. The building also has a broader cultural importance – it was designed by the renowned architect Ludwig Mies van der Rohe and has an iconic sculpture by Alexander Calder.
The John F. Kennedy Federal Building in Boston is also listed as a “non -core” loan. This building in addition to Accommodation of a number of government agenciesAlso offices for the democratic senators Elizabeth Warren and Edward Markay in Massachusetts.
The Ed Jones Federals Federal Building in Jackson, Tennessee, which has an office for the Republican Senators Marsha Blackburn and Bill Hagery as well as the Republican Congressman David Kustoff, is also listed as a “non-core assets”.
“The optimization of GSA’s real estate portfolio prioritizes the reduction of our staggered maintenance liabilities, supporting the return to the office of federal employees and the use of a stronger private/state partnership in the administration of the workers of the future,” says a press release from the GSA today.
GSA did not immediately answer a request for comment.
“The intention of GSA and the entire federal government is to reduce the number of old buildings that are with high liabilities. have private spaces, ”Shedd told TTS employees in a meeting on February 5, according to Audio from WIRED.
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The Federal Government’s real estate portfolio and the associated maintenance costs were one Priority for the agency Since before Donald Trump’s inauguration. A number of buildings are in poor repairs, unused or poorly suitable for modern office layouts. In 2023, the GSA sold a total of five buildings and identified 23 additional properties for future sale.
Well, this goal seems to be an order of magnitude higher. However, the market for commercial real estate (CR) is fragile after Covid and the rise of the remote work that lowered the property values. In an op-ET last summer for the Harvard Business Review, a chief economist, warned that banks with considerable CRE portfolios are exposed to and could fail due to impending loan obligations, which leads to a financial crisis. Hundreds of new buildings on the market, many in already fighting city centers, may risk further instability.
