|For immediate release|
The Federal Reserve Board on Monday announced it has contracted to purchase from Mack-Cali Realty Corporation of Cranford, N.J., an eight-story, 173,390 square-foot* office building located at 1709 New York Avenue, N.W., Washington, D.C., for $67 million.
The Board is currently leasing 71 percent of this building and the planned purchase will reduce costs in the long run by freeing the Board from lease payments.
Legislation authorizing the purchase was enacted in December 2000. The Board owns two other buildings in the District of Columbia: the Marriner S. Eccles Building, at 20th and C Streets, N.W., and the adjacent William McChesney Martin, Jr., Building.
* Building Owners Management Association (BOMA) methodology.
2001 Other announcements