The General Services Administration, the agency that manages federal real estate, is calling off a competition to build a new $2 billion headquarters, the Washington Post reported. Vornado and Silverstein were among the four final bidders on the project. The winners would’ve received roughly $1 billion in federal funds to develop the project, and also would’ve won control over the FBI’s current headquarters in Washington, D.C., the crumbling J. Edgar Hoover Building.
The project has also dragged on for several years, draining millions of dollars from real estate developers and the federal government. The GSA is paying rent at dozen locations for many of the FBI’s employees, who outgrew the bureau’s headquarters. [WaPo] — Kathryn Brenzel