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Opened in 1975, the 18 story-tower is owned by the federal government. The international style office building has more than 370,000 square feet (34,000 m 2) of space. Designed by the Skidmore, Owings and Merrill architecture firm, the building is named after Wendell Wyatt and Edith Green who both served in the United States House of ...
It has an annual operating budget of roughly $33 billion and oversees $66 billion of procurement annually. It contributes to the management of about $500 billion in U.S. federal property, divided chiefly among 8,397 owned and leased buildings (with a total of 363 million square feet of space) [7] as well as a 215,000 vehicle motor pool.
The Federal Property and Administrative Services Act of 1949 is the United States federal law which established the General Services Administration (GSA). [1] The act also provides for various Federal Standards to be published by the GSA. Among these is Federal Standard 1037C, a comprehensive source of definitions of terms used in ...
GSA would provide financial guarantees to enable the developer to obtain financing for the building's construction, as well as agree to a long-term lease of the structure. Lease-purchase gave GSA the option of buying the land and building at the end of 20 or 30 years, with its lease payments being put toward the cost of the structure.
PWA activities were subsumed into the newly created U.S. General Services Administration (GSA) in 1949 and the building was renamed the U.S. General Services Administration Building. In 1986 the building was listed in the National Register of Historic Places. Funding from the American Recovery and Reinvestment Act of 2009 allowed the ...
Homes become bank-owned properties after homeowners default on their mortgages and the bank forecloses. If no one opts to buy a foreclosure home at auction, the bank or mortgage lender or servicer ...
The distinction between sales-type and direct financing leases has changed: whereas in ASC 840 the test was whether the fair value of the leased asset was different from the lessor's cost or carrying amount (if so, the lease is a sales-type lease), in ASC 842, any lessor lease that meets the lessee finance lease tests (based on rents and ...
The leased space was acquired through a ten-year lease managed by the General Services Administration (GSA) which expires October 1, 2010. [ 12 ] The commercial facility is shared with two other major tenants: Holy Cross Hospital , [ 13 ] and Comcast , [ 11 ] whose continued occupancy precludes contiguous expansion of the DoDSR inventory.