Updated at: 08/06/2013 3:05 PM
(AP) WASHINGTON - 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 by The Associated Press. All Rights Reserved.)