The U.S. Geological Survey's Menlo Park campus is re-entering the market after a significant price drop from $120 million to $85 million due to a lack of bids. The bidding is set to commence on April 15, with USGS moving operations to Moffett Field, resulting from increased market-rate rents imposed by the General Services Administration. The interest in the property hasn't waned, as indicated by inquiries from multiple prospective bidders regarding development possibilities, despite the previous unsuccessful auction attempt.
The U.S. Geological Survey's Menlo Park campus is going back on the market at a decreased listing price of $85 million after failing to attract bids last year.
USGS has been relocating to Moffett Field due to increased market-rate rent from the GSA, highlighting the growing demand and rising costs for commercial property.
Representatives of eight prospective bidders had shown interest in the site during the previous listing, indicating ongoing interest despite the lack of bids.
The re-listing of property comes amidst President Trump's plan to eliminate certain federal agencies and sell additional federal buildings in San Francisco.
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