Federal Reserve Board plotting headquarters consolidation

The Fed is planning to withdraw from leased space in two D.C. office buildings as part of a much larger, $450 million consolidation of its headquarters.

Representatives for the Board of Governors of the Federal Reserve System, the nation’s powerful central banking system, are slated to brief the National Capital Planning Commission Thursday on the proposal to renovate and expand two of its buildings at 20th Street NW and Constitution Avenue NW beginning in mid-2021. Among other things, improvements to the 1930s-era buildings would boost their capacity, enabling the board to shed about 600,000 square feet of leased space elsewhere.

Representatives for the Federal Reserve were not immediately able to respond to requests for more information.

The project would be the latest in a larger push by the Trump administration to shift some federal agencies from leased space into government-owned properties. The General Services Administration is taking a similar approach with planned renovations…

Read the full story from the Washington Business Journal.

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