WASHINGTON, DC-Officials from the General Services Administration, the Federal Bureau of Investigation and various states convened on the Hill Wednesday for a status hearing on the FBI's search for a new headquarters.

One option mentioned has been an exchange of the Hoover building, instead of a lease or new development.

In her testimony, GSA's Public Buildings Service Commissioner Dorothy Robyn explained how that would work. She said the agency was prepared to exchange the Hoover building f or a new facility of up to 2.1 million square feet.

"The exchange concept is one tool for GSA to dispose of our properties that are not meeting the federal need, allowing us to leverage the equity of some of our buildings in the inventory to get new and highly efficient ones," she said.

If an exchange were to occur, she said, GSA would transfer title in fee simple for the Hoover Building in return for a new facility. This could involve a developer offering to build a new facility on land he or she owns, or build on land the government owns or acquires, or exchange for an existing building.

"Based upon information that we obtain, we may issue a Request for Proposals. If there is a successful offer, we would also expect the successful bidder to accommodate FBI staff housed in the Hoover Building until the new facility was ready for occupancy," Robyn said. "At the end of the process, the developer would own the Hoover Building, and we would own its replacement facility."

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.