Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-The General Services Administration has expanded its efforts to use public-private partnerships. GSA’s national capital region has picked five real estate brokerage firms to provide leasing related services to GSA’s clients. The firms selected are Capital CREAG, The Crown Partnership Inc., Equis Corp., Spaulding & Slye Services LP, and Trammell Crow Co. The firms will provide government lessees with a variety of services including renegotiations of existing leases, outleasing, and pre- and post-acquisition realty services. Each firm has a one-year contract, with a limit of $3 million of services provided per firm. The deals have an option to renew annually for up to four additional years.

GSA Administrator Stephen Perry recently went before a US House subcommittee and said that the agency needs more freedom to pursue public-private partnerships to address nearly $4 billion maintenance backlog on an inventory of 1,800 buildings that GSA puts at more than $260 billion nationwide. Changes to existing laws would allow agencies to exchange and transfer property among themselves and private-sector entities, sublease assets on unexpired portions of government leases, and lease certain assets to the private sector. New laws would also allow the federal government to explore creative financing mechanisms to help finance a backlog of public building maintenance needs.

In the national capital region, which includes Washington and its suburbs, GSA said the government owns 171 buildings and leases space at 430 locations. Overall, GSA manages 40% of the space the government owns or leases.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.