General Services Administration to Buy 1.9 MSF Office Building in D.C. for $760M

WASHINGTON, D.C. — The General Services Administration (GSA) exercised its purchase option to buy 1200 New Jersey Ave. SE in Washington D.C.’s Yards/Southeast Federal Center neighborhood for $760 million. The United States Department of Transportation (USDOT) fully occupies the 1.9 million-square-foot building. The sale is expected to close in March 2020, 19 months before USDOT’s lease expires, saving $99.8 million in rent costs. The USDOT employs 5,500 workers at the property. Amenities at the property include bike racks, access to the Walking Museum of Transportation, a loading dock and 13-foot ceilings. According to its website, GSA provides workplaces by constructing, managing and preserving government buildings and by leasing and managing commercial real estate.