WASHINGTON, DC—A foundation launched by billionaire Michael Milken is reportedly in talks to acquire the former headquarters of Riggs Bank located near the White House.
The foundation confirmed its interest in the property that is now owned by PNC Bank, according to the Washington Post. “The Milken Family Foundation is exploring having a meaningful presence in our nation's capital consistent with its work since 1982 to improve K-12 education and medical research as it continues to celebrate and recognize outstanding educators and others who are making a difference in our lives,” says Bonnie Somers, a spokeswoman for the foundation.
The foundation, which Milken founded with his brother Lowell, focuses for the most part on education and medical research initiatives, including programs in the Washington, DC area.
The building at 1503-1505 Pennsylvania Ave. served as the headquarters for Riggs Bank until PNC acquired Riggs in 2005. PNC closed the branch in 2010 and put the property on the market for sale in late 2013. See story in the Washington Post.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
