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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 the corner of 12th Street and Pennsylvania Avenue, to be converted into a mixed-use development including restaurants, a spa, conference space and a luxury hotel. The hotel is scheduled to open in 2016.
The Trump Organization will also pay a base monthly rent of $250,000, which escalates at Consumer Price Index. The GSA says the deal will save taxpayers millions of dollars.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
