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Trumps finalize lease deal on DC's Old Post Office

Tuesday - 8/6/2013, 7:50pm  ET

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 12th Street and Pennsylvania Avenue, to be converted into a mixed-use development including restaurants, a spa, conference space and a luxury hotel scheduled to open in 2016.

The GSA, which says the deal will save taxpayers millions of dollars, plans to relocate the existing tenants in the Old Post Office building. The lease also allows for extensions.

Ivanka Trump says in a statement that the hotel will be the "most exquisite in America" when complete.

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