The General Services Administration has reached a deal with the Trump Organization to redevelop a federal building in Washington using $200 million in private sector funds.
The 60-year lease agreement calls for the Trump Organization to convert the Old Post Office into a 250-room luxury hotel, GSA said Wednesday.
The deal was reached following more than a year after the Trump Organization was awarded the contract to develop the property.
“We are pleased that the negotiations have finished and the deal now moves to Congress for review,” said Dan Tangherlini, GSA acting administrator.
“It has been a tremendous pleasure to work with the GSA and the numerous agencies and organizations that have been involved in getting us to this important milestone in the project’s redevelopment,” added Ivanka Trump, executive vice president of development and acquisitions.
“Our plans are virtually complete and we look forward to starting construction immediately upon turnover of the building,” she said.
The transfer of the lease will involve the relocation of tenants in the building, including the Advisory Council on Historic Preservation.