The federal government is cancelling multiple leases in California totaling 125,205 square feet to improve efficiency and save costs, with anticipated savings of $5.3 million annually for taxpayers. Key landlords affected include Oaktree Capital Management and others. Some of these leases are already expired or close to expiry. The General Services Administration will relocate affected workers but hasn't specified details. This shift is part of a broader strategy to optimize federal real estate management and involves terminating many soft-term leases that allow early termination.
The federal government is canceling leases in California totaling 125,205 square feet for efficiency, promising $5.3 million in annual savings for taxpayers.
The General Services Administration is moving to terminate various soft-term leases as part of an overall strategy to optimize federal real estate utilization.
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