Proposed Lease of Space in a Building at 400 North Capitol Street, Washington, D.C.

LCD-76-353: Published: Oct 1, 1976. Publicly Released: Oct 1, 1976.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

A review was made of a proposed lease to the government of a building in Washington, D.C., to be negotiated by the Senate Sergeant at Arms as authorized by Congress. Negotiations for leasing of the entire building failed because of inability to agree on terms. Proposals for purchase of the building were defeated in the Senate, and plans were made by the Senate to lease a portion of the building for computer operations. The time period for completion of the GAO review did not allow for study of the finalized lease or alternative arrangements.

GAO found that the rates proposed by the owner appeared high compared with General Services Administration (GSA) appraised rentals. After the Sergeant at Arms was informed of these findings, he negotiated for terms which brought the effective rate to $6.175 a square foot and the adjusted rate to $9.97 a square foot. These rates are considered reasonable according to GSA appraisals, legislated rental limitations, and comparisons with other tenants in the building. In addition, proximity to other Senate buildings is of value.

Nov 24, 2020

Nov 23, 2020

Nov 18, 2020

Nov 16, 2020

Oct 7, 2020

Sep 25, 2020

Sep 23, 2020

Sep 10, 2020

Looking for more? Browse all our products here