GSA Lease Prospectuses Provide a Reasonable Basis for the Congress To Approve Proposed Space Acquisitions

GAO examined a selected number of General Services Administration (GSA) leases to determine if the leases comply with the prospectuses as approved by Congress. To obtain congressional approval for acquiring space, the Administrator of GSA submits a prospectus to the Public Works Committees (Committees). The prospectus is required to contain such information as a brief description of the building to be constructed, altered, purchased, acquired, or the space to be leased; the location and estimated maximum cost of the building; how and by whom the building space in the area is to be used; rents and other costs currently being paid by the agencies to be housed in the building; and a statement by the Administrator of the economic and other justifications for not acquiring or purchasing the building.