Acquisitions

WASHINGTON, D.C. — The U.S. General Services Administration (GSA), the real estate operations arm of the federal government, has sold the Old Post Office building and former Trump hotel at 1100 Pennsylvania Ave. in Washington, D.C. The building currently operates as a 263-key Waldorf Astoria hotel. Bank BDT & MSD, the owner of the leasehold, acquired the property for $80 million, according to The Wall Street Journal. According to the GSA, the sale is part of an ongoing effort to eliminate costly properties from its asset portfolio. The GSA also recently sold the former Estes Kefauver Federal Building parking garage site in Nashville for $52 million. According to the administration, the Old Post Office Building cost taxpayers approximately $6 million per year prior to 2013, when it was converted into a hotel by the Trump Organization. Since then, the property has received more than $250 million in private-sector investment. “The GSA remains committed to solving long-term problems that exist in the federal portfolio of assets, reducing waste and delivering long-term value to the American people,” the GSA said in a press release. The Old Post Office features the renown 315-foot clock tower, which houses the Bells of Congress, and is the …