GSA Accepts $19.5 Million Bid for Georgetown Heating Plant

March 12, 2013

Sale moves forward, offering savings and better value for the taxpayers



WASHINGTON -- Today, the U.S. General Services Administration (GSA) accepted the top bid of $19.5 million for the Georgetown Heating Plant in Washington, D.C., which moves this excess federal property one step closer to a sale and moving it off of the government’s books. Georgetown 29K, LLC submitted the winning bid, and GSA is now working with them to close the sale.

“The Georgetown Heating Plant sale is the latest action in our efforts to get excess federal properties off our books while creating savings for taxpayers,” said Dan Tangherlini, GSA Acting Administrator. “GSA remains committed to using innovative ways to put excess properties to new uses. We are hosting auctions, requesting industry input, and offering proposed exchanges, which helps us to deliver on our mission to provide better value to the American people.”

The online auction concluded on March 6, and now that GSA has officially accepted the offer today, and the successful bidder, Georgetown 29K, LLC , will now have ten days to provide an additional deposit to move the sale process forward. After the deposit is received, the transfer of title to the new owner should happen within approximately 100 days.

The Georgetown Heating Plant sits on a historic two-acre site near the Georgetown Waterfront in Washington, D.C., and once served as a heating source for government facilities in the area. It no longer serves the government’s needs, and GSA proceeded with an auction to dispose of the facility. The auction opened on January 18 with a closing soft closing date was set for of February 19, but because of the enthusiastic daily bidding activity, the online auction continued for an additional two weeks.

The Obama Administration has set aggressive goals for using federal real estate assets more efficiently, and GSA has increased its efforts to help federal agencies identify unneeded properties and move them into the disposal process. Last year, GSA disposed of more than 100 excess properties. There is still more that needs to be done, and GSA is actively working with all federal landholding agencies to identify unneeded assets and move them into the disposal process.