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Property offers unparalleled redevelopment opportunities close to Georgetown Waterfront
WASHINGTON, September 19, 2012 - Jones Lang LaSalle announced today that it has been retained to assist in marketing the U.S. General Services Administration’s (GSA) Georgetown Heating Plant for sale via online auction. This well-located property in Washington’s Georgetown submarket has the potential to be redeveloped for residential, commercial, retail and hospitality uses.
Located at 1051 29th Street, N.W., the Georgetown Heating Plant sits on 2.08 acres. The property offers panoramic views across the Potomac River and is conveniently located in Georgetown’s exclusive historic district, with easy access to the Georgetown Waterfront, the West End and Foggy Bottom neighborhoods, as well as the Central Business District and I-66.
“This is truly a unique asset in Georgetown, one of Washington’s most popular and prestigious submarkets,” said Marc Waddill, Senior Vice President, Jones Lang LaSalle. “There are very few developable plots of land left in Georgetown, and this site has unparalleled redevelopment opportunities.”
The site is adjacent to the Georgetown Four Seasons Hotel, flanked by waterways on two sides and within a five-minute walk of Georgetown Waterfront Park.
An industry forum for the Georgetown Heating Plant sale is planned for late October. GSA is currently completing its National Historic Preservation Act (NHPA) and National Environmental Policy Act (NEPA) requirements, and bidding is expected to commence shortly after completion of those activities. For more information please visit www.GeorgetownHeatingPlant.com.
Commercial auctions are one of the most expedient ways to maximize asset value by accessing a wide array of pre-qualified investors. GSA’s online format allows sellers to obtain maximum pricing through a transparent bidding process that sets a realistic benchmark for pricing through broader market exposure. In addition, sellers incur no upfront costs. Interested buyers are given access to GSA’s property due diligence materials. The auction platform streamlines the sales process and provides closing certainty.
GSA offers surplus properties for competitive sale to the general public through the GSA Property Auction Website (realestatesales.gov). Eligible bidders use an online forum to compete against each other by posting bids in real time over a pre-determined auction period. Upon auction closing, GSA determines if the highest bid is acceptable, and if so, makes an award. Using this proven sales methodology, GSA has sold over 2500 properties worth over $5.4 billion dollars in the last 10 years.
About Jones Lang LaSalleJones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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