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.
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.
Collection
[
|
...
]