The U.S. federal government is the largest owner and occupier of office space in the United States, and it is currently focused on finding ways to use space more efficiently, terminate underutilized leases and sell unused or underused federally owned buildings. The General Services Administration (GSA), as the nation’s largest public real estate organization, is leading these efforts.

In 2016, Congress passed the Federal Asset Sale and Transfer Act (FASTA) to streamline and expedite the disposition of excess owned assets. The FASTA legislation created the Public Buildings Reform Board (PBRB), an independent agency, to identify cost-saving opportunities and make recommendations to GSA. These recommendations must be approved by the Office of Management and Budget (OMB) before GSA can act.

PBRB’s first set of recommendations, known as the High Value Asset Round, were presented to GSA and approved by OMB on January 26, 2020. Out of the 12¹ properties recommended for disposal, 10 have been sold. The funds from the dispositions are available for GSA’s use to enable additional disposals recommended by the PBRB. 

While the High Value Assets (HVAs) received significant press coverage leading up to their respective sales, less attention has been paid to the fate of these properties following disposition. Tracking the outcomes of these dispositions can provide important lessons for the Government and potential purchasers as additional rounds of Federal sales take shape in the coming months. Below is a list of the HVAs identified for disposal and a summary of the resulting real estate transactions to date.

Closed Transactions

Nike Site
770 Muddy Branch Road, Gaithersburg, MD
Sale Date: January 2022
Sale Price: $12,050,006

• A former Nike Missile site, this 13.7-acre property consisted of several dilapidated industrial buildings but was already zoned for mixed-use development.
• The purchaser, Pleasants Development, received approval from the Gaithersburg Planning Commission of a sketch plan for 370 residential units spread across four five-story buildings in 2023. The developer is currently working on the schematic development plan and expects it will be at least a year before it can start construction.

Denver Medical Center (Partial Disposition)
1055 Clermont Street, Denver, CO
Sale Date: September 2022
Sale Price: $41,250,000

• The Department of Veterans Affairs (“VA”) sold approximately 60% of the Denver VA Medical Center, consisting of 530,264 square feet of historically protected medical buildings and a parking garage on 8 acres.
• The development plan is supported by historic tax credits for the adaptive reuse of the existing medical buildings with the potential disposition of selected outparcels. Construction is not expected to commence for at least twelve months.

WestEd Office Building
4665 Lampson Avenue, Los Alamitos, CA
Sale Date: December 2021
Sale Price: $26,500,000

• Although the property contained a low-rise standing office building, this suburban site was viewed as a residential redevelopment opportunity. 
• In 2021, the Government sold the property to MW Investment for $26.5 million. Approximately four years later, the property was sold again for $65.2 million to Lennar, a large residential developer. 

Ronald Reagan Federal Building and Courthouse
228 Walnut Street, Harrisburg, PA
Sale Date: February 2022
Sale Price: $10,010,000

• This is a standing office building in the heart of Harrisburg. Post-closing, the Government temporarily occupied the building for two years via a “Reserved Estate” provision in the deed. The Government has now vacated the property. 
• The building is currently planned for an apartment conversion (164 apartment units and ground floor retail). Historic tax credits are part of the development underwriting, and the plan is to commence construction by the end of 2025. 

Southwest Fisheries Science Center
1352 Lighthouse Avenue, Pacific Grove, CA
Sale Date: June 2022
Sale Price: $4,800,000

• This site contains an 11,200 SF building that was once used by the National Oceanic and Atmospheric Administration (“NOAA”). A family purchased the site from the Government and today it is vacant and largely unused. 
• The property’s zoning and coastal proximity appear to limit its use. The purchaser has not filed any official applications to develop or rezone the site. 

Auburn Complex
400 15th Street SW, Auburn, WA
Sale Date: May 2022
Sale Price: $80,000,000

• Industrial Realty Group purchased the 129-acre warehouse complex and is undergoing a remodel and redevelopment into a 2.4 million-square-foot business park.
• Rally Pickleball Club, a veteran-owned small business, leased 43,959 square feet in Building 2 and is scheduled to open later this summer.

Information Operations and Research Center
1155 Foote Drive, Idaho Falls, ID
Sale Date: April 2022
Sale Price: $2,025,000

• A private investor purchased the property via sealed bid and later sold it in March 2024 to the State of Idaho as an owner-user.
• The Idaho Department of Land Administration currently occupies the 37,844 square foot office property.

Shelley-New Sweden Park and Ride Lot
191 S 45th W, Idaho Falls, ID
Sale Date: October 2021
Sale Price: $268,000

• The 3.4-acre site was sold to a private individual out of state. Plans for the site are not publicly disclosed.

Edison Job Corps Center (Excess Land Sale Only)
500 Plainfield Avenue, Edison, NJ
Sale Date: December 2021
Sale Price: $4,4000,000

• Active Acquisitions LLC, a real estate development company, purchased the 4.26-acre site. The site was later subdivided into two new lots.
• In February 2024, Wei-Chuan USA acquired the site for $7.5M and in June 2025, broke ground on a 61,000-square-foot cold storage distribution facility, which is now known as 484 Plainfield Avenue.

Sacramento Job Corps Center (Excess Land Sale Only)
3100 Meadowview Road, Sacramento, CA
Sale Date: January 2022
Sale Price: $12,300,000

• Purchased by the City of Sacramento.
• As of July 2025, the City is still deciding how to use the site and is anticipated to provide a recommendation for consideration this Winter.

Pending Transactions

Menlo Park Complex
345 Middlefield Road, Menlo Park, CA
Sale Date: April 2025
Sale Price: $137,000,006

• Presidio Bay Ventures acquired the 17.3-acre site through a sealed bid. The sale is pending, with the closing date set for July 31, 2025.

Chet Holifield Federal Building
24000 Avila Road, Laguna Niguel, CA

• GSA conducted an online auction, which closed on October 8, 2024, to dispose of this 1.1 million square foot facility. In November 2024, Hilco Development Services was identified as the winning bidder with a purchase price of $177 million.
• Hoag Memorial Hospital Presbyterian was the second highest bidder and filed suit to stop the sale. GSA then awarded the sale to Hoag and Hilco appealed that decision. On May 7, 2025, GSA announced the cancellation of the online auction and intends to relist the property for sale at a future date.

¹ 6125 Sand Point Way NE in Seattle, WA was originally recommended in PBRB’s report, however, OMB withdrew its approval in April 2021. PBRB had included the Information Operations and Research Center and the Shelley-New Sweden Park and Ride Lot in Idaho Falls, ID as a single transaction, but they were sold separately.

Following the High Value Asset Round, PBRB issued a “First Round” Submission of properties. OMB rejected this set of 15 properties on January 25, 2021. PBRB was unable to resubmit a revised report as the Board had lost its quorum. 

PBRB’s “Second Round” Submission (listed below) was submitted to OMB on May 21, 2025, and approved two days later. The swift approval time of the most recent submission signals the renewed interest in divesting of federally owned assets in a timely manner. As these assets come to market, prospective purchasers should study the growing body of recent Federal sales and seek the counsel of real estate professionals knowledgeable in this niche space. 

PBRB’s “Second Round” Submission