Trumps reach lease deal on Old Post Office in DC

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Associated Press

Posted on August 6, 2013 at 2:34 PM

Updated Tuesday, Aug 6 at 3:37 PM

WASHINGTON (AP) — Donald Trump's real estate company has completed a $200 million deal on a 60-year lease agreement on the Old Post Office building in Washington.

The General Services Administration says the deal with the Trump Organization was signed Monday night after a Congressional review period finished.

The agreement calls for the 114-year-old federal building, at the corner of 12th Street and Pennsylvania Avenue, to be converted into a mixed-use development including restaurants, a spa, conference space and a luxury hotel. The hotel is scheduled to open in 2016.

The Trump Organization will also pay a base monthly rent of $250,000, which escalates at Consumer Price Index. The GSA says the deal will save taxpayers millions of dollars.

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