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GGD-93-12R 1 (1993-02-26)

handle is hein.gao/gaobackfy0001 and id is 1 raw text is: United States GAO Generl Accounting Office Washington, D.C. 20548 General Government Division B-252482 February 26, 1993 Ii1111111 The Honorable Arlen Specter 148570 United States Senate The Honorable Robert A. Borski Chairman, Subcommittee on Investigations and Oversight Committee on Public Works and Transportation House of Representatives This letter responds to your inquiries regarding a proposed Federal Center at 30th and Walnut Streets in Philadelphia. We have not reviewed this project in any detail. However, we have become aware of several news media articles on the project, and we did discuss the project with General Services Administration (GSA) and U. S. Postal Service officials and specifically inquired about the various assertions made in these articles. The following is a summary of the information we obtained from GSA and Postal Service officials. ASSERTIONS MADE IN RECENT MEDIA ARTICLES Since November 1992, articles appearing in the Philadelphia Inquirer, Forbes, National Journal, and the New York Times have made the following assertions about the Federal Center project. 1. The Postal Service plans to build a $250 million, 1 million square foot office building for lease to GSA, in which 5,600 government employees will be housed starting in 1996. 2. New construction in Philadelphia is not justified at this time because Philadelphia has 6 million square feet of vacant office space, which represents a 15 to 18 percent vacancy rate of existing office buildings. 3. GSA will pay the Postal Service $28 to $33 per square foot in rent initially, which will increase to $46 per square foot over 30 years. GAO/GGD-93-12R, Philadelphia Building Os ( /5 q5-90

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