GSA is selling the Old Post Office Building, formerly the Trump Hotel, on Pennsylvania Ave

The General Services Administration (GSA) on Wednesday announced the sale of the goods Old Post Office Building located at 1100 Pennsylvania Avenue in Washington, DC

The building was previously Trump International Hotel from 2016 to 2022 until the Trump family company sells the lease rights for $375 million. The hotel later reopened in 2022 as the Waldorf Astoria Washington DC, under Hilton management.

The GSA said its sale of the building included conditions that “guaranteed in perpetuity public access to the iconic clock tower while establishing strong protection for the building’s architectural heritage through a binding conservation agreement.”

The agreement also includes a dedicated arts agreement that will preserve the American public’s ownership of works of art within the area, including Robert Irwin’s “48 Shadow Planes” and the historic Benjamin Franklin Statue.

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The sale of GSA is proceeding under the terms of the existing lease, which gives BDT MSD Partners, the seller’s bank, the right of first offer.

The Wall Street Journal reported that BDT & MSD Partners acquired the building and land for $80 million, according to people familiar with the matter. The report revealed that the bank is discussing selling the building for approximately $400 million.

Hilton currently has a long-term agreement with the hotel to operate it as a Waldorf Astoria, and that arrangement will continue with the new leaseholder, the Journal reported.

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The Old Post Office Building contains historic art, including a portrait of Benjamin Franklin. (Kevin Dietsch/Getty Images)

The Old Post Office Building was completed in 1899 and originally served as the headquarters of the US post office Department and post office of Washington, DC

It is listed on the National Register of Historic Places and its Romanesque Revival architecture makes it one of the most recognizable buildings on Pennsylvania Avenue, with a prominent clock tower and atrium. This facility is located near the White House and others Washington, DC landmarks.

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The Waldof Astoria, the former Trump International Hotel in the Old Post Office Building in Washington, DC, as seen on Aug. 18, 2022. (Kent Nishimura / Los Angeles Times via Getty Images)

According to the GSA announcement, before the property was redeveloped into a hotel, taxpayers were benefiting about $6 million a year from the loss of the property.

Since then, more than $250 million in private equity has been invested in this area taxpayers’ money over the past decade, including current sales, is expected to exceed $110 million.

GSA has listed dozens of others properties owned by the government has been on sale since early last year as the Trump administration looks to cut federal spending on underutilized office space and buildings.

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