The Federal Bureau of Investigation is planning to move from its 38-year-old abode in Pennsylvania Avenue, Washington, as the J. Edgar Hoover building has become obsolete and cannot house the growing number of employees. The major hurdle is to find enough resources to find a suitable building
The J. Edgar Hoover Building served as headquarters for the agency for almost 40 years. However, after the September 11 attacks, the place has proven to be unsafe. The agency has also outgrown the building. Around only half of the agency's employees work in the Washington office while the rest of them are camped up in the Clarksburg and Quantico offices. Since the attack, the agency has increased its staff by 25 percent and now needs more space, reports The Washington Post.
The General Services Administration , an agency that supports the functioning of Federal agencies held a press meet in January where the FBI executives put forth their needs for new office space etc. The agency stated that it requires a 2.1 million square feet office to hold around 11,000 employees, reports The NY Times.
The G.S.A hopes to fund the new office development by finding a buyer for the J. Edgar Hoover building. The area around Pennsylvania Avenue is in an upbeat locality and the space could now be used for commercial and retail purposes once the FBI moves out. Many agencies have been lining up to acquire the J. Edgar Hoover Building as the property is a high value one, reports The NY Times.
The FBI project will be the largest real estate assignment for the next 10 to 15 years. Moreover, the project could also give a little boost to the slow commercial real estate activity prevailing in the country, reports Yahoo.