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Three properties in downtown Detroit have landed on a new U.S. General Services Administration list of federally owned real estate that could be sold in the future.
The list includes 443 “non-core” properties across 47 states that the GSA posted on its website Tuesday and are a part of President Donald Trump’s campaign to shrink the federal workforce and spending. Overall, the list includes prime commercial buildings that house local and regional offices for federal workers.
In Detroit, the biggest property on the list is the Rosa Parks Federal Building, as well as its parking garage.
Notably missing from the GSA’s list is another federally owned property two blocks away — the Patrick V. McNamara Federal Building at 477 Michigan Ave. Last month, Wired reported the McNamara building as being among the buildings on the agency’s list of “non-core” properties.
The McNamara Building is one of the larger office towers in downtown Detroit, clocking in at nearly 1 million square feet and 27 stories at 477 Michigan Ave., according to CoStar. Its tenant roster includes a slew of federal agencies.
In Michigan, a total of 26 properties are on the GSA’s list of non-core assets; including a Social Security Administration building in Saginaw, the Federal Building and U.S. Courthouse in Port Huron as well as the Hart-Dole-Inouye Federal Center in Battle Creek.
According to the GSA, core properties house critical government operations including courthouses, land ports of entry and facilities critical to national defense and law enforcement.
While the non-core properties listed are not on the market yet, posting the list reflects the administration’s intention to sell off government-owned real estate.
“Just because something is on the non-core list doesn’t mean it’s for sale by any means,” said Michael Peters, a former investment banker tapped by Trump to lead the Public Buildings Service. “But if someone put an offer on the table, we would evaluate it.”
It’s not clear how much the government’s buildings could be worth, given the idiosyncrasies of each property and market, or even what it could expect to net in a sale.
In all, the total properties on the list represent nearly 80 million square feet and the GSA estimates selling them could save more than $430 million in annual operating costs.
The GSA’s Public Building Service will be using market research and customer agency feedback on how to unload its non-core assets, the agency said in a news release Tuesday. Sale-leasebacks, ground leases and other public/private partnerships may be potential strategies, according to the release.
— Bloomberg reporters Gregory Korte and Natalie Wong contributed to this report.
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