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Recent Developments in Federal Facility Privatization

Recent Developments in Federal Facility Privatization. Marc Waddill Senior Vice President, Public Institutions JLL. NCPPP P3 Connect July 2014. Introduction. Federal Government owns or leases approximately 360,000 buildings and 3.3 billion square feet of space

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Recent Developments in Federal Facility Privatization

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  1. Recent Developments in Federal Facility Privatization Marc Waddill Senior Vice President, Public Institutions JLL NCPPP P3 Connect July 2014

  2. Introduction Federal Government owns or leases approximately 360,000 buildings and 3.3 billion square feet of space Major Real Estate Holding Agencies: Department of Defense (Army, Air Force, Navy) General Services Administration (GSA) Department of Veterans Affairs (VA) Department of Energy (DOE) Privatization Tools: Fee Simple Disposal Long-term Ground Lease (EUL, Section 111) Exchange 2

  3. Fee Simple Disposal GSA Success Stories Georgetown West Heating Plant • Approximately 2 acres • Approximately 110’ tall Bethesda Federal Building • 10-story building • Approximately 130K SF

  4. Fee Simple Disposal Pipeline: Primarily residential single family houses Non residential includes mainly USPS sites, small tracts of land, SSA buildings, and small border patrol buildings Unique Opportunities: Alan Bible Federal Building (Las Vegas) Plum Island (NY) Issues to Consider: Private Sector Market As-is / Where-is Entitlements Other Environmental Constraints 4

  5. Enhanced Use Lease (EUL) Agencies with EUL Authority: Department of Defense (Army, Air Force, Navy) Department of Veterans Affairs (VA) National Aeronautics and Space Administration (NASA) Issues to Consider & Recent Trends: Asset versus Market Acquisition versus Disposition Development of Single Asset versus Multi-Phase Development Cash Consideration versus In-Kind Consideration 5

  6. EUL: VA Affordable Housing Asset: Individual Building or Parcel for Specific Purpose Financing: Primarily Low Income Housing Tax Credits (LIHTC) Veteran Preference as Primary Consideration

  7. EUL: VA Fort Howard Existing Site Summary: Approximately 100 acres and 44 historic improvements (305k GSF) on the entire campus

  8. EUL: VA Fort Howard Future State (Conceptual)

  9. EUL: Army EUL Projects

  10. EUL: Air Force EUL Projects

  11. EUL: Navy EUL Projects

  12. EUL: NASA Ames Research Center (ARC) ARC has over 50 EUL agreements Tenants include Planetary Ventures (a subsidiary of Google, Inc.) and the University of California Received the 2003 GSA Achievement Award for Real Property Innovation

  13. Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year . Project Timeline Exchange for Services Issues to Consider: Timeline Services (level of detail, timing, change orders…) Ownership Risks (As-is / Where-is, Entitlement Risk, etc. Services Period: Construction, Renovation, and Other Services Equity Investment ($608M) Capital Investment Conveyance of Forrestal to Private Sector Conveyance to Private Sector Value of Asset is Realized by Private Sector Private Sector Ownership Private Sector Ownership

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