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.

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