About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GGD-93-3R 1 (1992-11-16)

handle is hein.gao/gaobackef0001 and id is 1 raw text is: United States General Accounting Office Wshington, D.C. 20548 General Government Division B-249159 November 16, 1992 The Honorable John H. Glenn 147987 Chairman Committee on Governmental Affairs United States Senate Dear Mr. Chairman: This letter responds to your request for information on the independent leasing authority for office and other space that was granted to the Securities and Exchange Commission (SEC). Your specific areas of interest were how SEC and the General Services Administration (GSA) lease rates compare, what incremental administrative costs resulted from independent leasing authority, and what SEC does to prevent interagency competition. Given the small number of leases and the difficulty of finding comparable government leases, we were unable to determine conclusively if SEC negotiated higher or lower lease rates than GSA. We determined SEC's administrative costs that resulted from its independent leasing authority, but were unable to determine if they were more or less than GSA would have incurred to do SEC's leasing. Finally, it did not appear that SEC was competing with other federal agencies for lease space. However, SEC agreed that controls to prevent interagency competition need to be stronger and more formal. Comparability of lease rates A comparison of SEC and GSA lease rates was not possible, because SEC and GSA leases had too many irreconcilable differences that influenced the negotiated lease rates. Because SEC had negotiated only seven leases totaling about 240,000 square feet since getting its authority in 1990, our opportunities to find comparable GSA leases were very limited. We set three conditions--(l) space of similar quality, (2) comparable lease clauses, and (3) leases negotiated under similar market conditions--that should be met to establish comparability. We also considered the leases comparable if GSA and SEC leasing staff, private sector realtors and lessors, or our economists could adjust the lease rates to offset the differences. However, we GAO/GGD-93-3R, SEC Independent Leasing Authority

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most