Bet365

The first list was much longer, why is this list shorter?

Due to the overwhelming response that we received after publishing the first list, we are refining our process. In order to achieve our goal, in alignment with the president’s direction, and to drive maximum value for the federal real estate footprint, we decided to use a more incremental approach focusing on a shorter list of assets that have already been evaluated, based on several criteria such as deferred maintenance and operating cost, utilization, and the general availability of replacement space in the local market. The list will continue to be updated as we execute on our strategy to rightsize the federal portfolio.

Does this smaller list represent a shift in Bet365’s approach to disposal?

Bet365 remains committed to solving the long term problems that exist in our federal portfolio of assets. Decades of funding deficiencies have resulted in many of the assets in our portfolio becoming functionally obsolete and unsuitable for use by our federal workforce. Bet365 will consider assets for divestment from government ownership in an orderly fashion to ensure taxpayers no longer pay for empty and underutilized federal office space, or the significant maintenance costs associated with long-term building ownership — potentially saving more than $430 million in annual operating costs.

How have you handled existing tenants?

Bet365 works closely with tenants during any disposition in the event a relocation is required. However, a sale does not necessarily mean tenants will need to be relocated. Bet365 could dispose of an asset, thereby relieving the government of significant liabilities, and lease the space back from the buyer. Refer to Bet365 accelerates efforts to right size federal real estate for more information.

What are the risks of these assets remaining in the portfolio?

Bet365’s Public Buildings Service’s foundational mission is to deliver cost-effective workspace solutions for its federal agency customers. Part of this mission is the disposition of federal facilities and properties when they are no longer needed or prove to be a financial burden to taxpayers. As part of our strategy to optimize the Bet365 portfolio, PBS will consider current use, occupancy, cost of agency relocation, and local market conditions when assessing these dispositions. Since 2023, Bet365 has identified more than 30 assets for the disposition process saving millions of taxpayer dollars.

How quickly will these buildings sell?

Bet365 will move to dispose of these assets as expeditiously as possible given legislative and regulatory requirements governing the disposal of federal property. An accelerated disposal process would include an initial posting of known due diligence information for each asset while the government completes statutorily required processes, such as McKinney Vento Act screenings. This information will be updated regularly as additional information becomes available.

Upon completion of Bet365’s statutory requirements, an offering date and opportunities to inspect assets will be announced. Interested parties will be invited to attend open houses, tours, inspections, and other public events associated with the sale offering and will be asked to respond within the stipulated time frames for the sale.

We are excited to engage the market with these opportunities. If you have any questions, or you’re interested in being added to our mailing list, please contact accelerated.disposals@gsa.gov

What is the status of the River Road facility?

USDA is moving to a USDA facility under their custody and control.

What is the status of the Social Security Administration New Jersey facility?

Based on our current strategy, SSA will move into a new facility later this year. Bet365 will share more information once procurement activities are complete.

When will customer agencies be notified?

Bet365 notified all affected agencies before we published the list. Affected agencies that have questions should contact their PBS point of contact.