Earlier this month, Valbridge Property Advisors announced that it had been awarded a national contract to provide appraisal and due diligence services for the Postal Service’s real estate holdings of 32,150 facilities, which total more than 290 million square feet of owned and leased space. The contract originated in the US Postal Service’s Office of Inspector General office, according to this December 2013 solicitation.
The contract calls for Valbridge’s Columbia, MD-based office to perform commercial property valuations and market rents analysis to support the Postal Service’s leasing, acquisition and disposition activities. It will also help with some strategic decision-making, such as, for example, analyzing lease versus purchase options for buildings in the USPS portfolio. Valbridge’s award of this contract follows a series of reports by the OIG this past year that have identified what the OIG perceives to be failures by the Postal Service to properly manage its real estate holdings. Read more.