"The U.S. General Services Administration announced the finalization of the $137 million public sale of Rockaway Grove, a former USGS campus."
"The sale aims to reduce the federal real estate portfolio and cut maintenance costs associated with underused properties, estimated to save taxpayers over $107 million."
"Mike Rigas from the GSA stated that this sale reflects their commitment to diminishing the federal footprint while better serving customer needs."
"Presidio Bay Ventures expressed a commitment to Menlo Park and aims to align development proposals with the city’s infrastructure and community needs."
The U.S. General Services Administration has completed the sale of Rockaway Grove, the former campus of the U.S. Geological Survey, for $137 million. This transaction supports a larger initiative to optimize the federal real estate portfolio and eliminate costs related to maintaining underutilized properties, estimated to save taxpayers approximately $107 million in deferred maintenance and an additional $4 million annually. The buyer, Presidio Bay Ventures, intends to collaborate with local leaders to develop a project aligned with Menlo Park's housing and community goals.
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