Latest news with #GSA
Mint
a day ago
- Business
- Mint
Trump administration asks McKinsey, BCG to justify consulting contracts
The Trump administration's monthslong effort to cut the cost of government consulting contracts is widening to include McKinsey, BCG and other firms representing billions of dollars in federal contracts. The General Services Administration on Thursday sent a letter to leaders of about a half dozen consulting companies, asking them to justify their work with the federal government and to propose cost savings, according to a person familiar with the matter and a copy of the letter reviewed by The Wall Street Journal. 'Our objective is to critically evaluate which engagements deliver genuine value," the GSA's Josh Gruenbaum, who serves as commissioner of the Federal Acquisition Service, wrote to the firms Thursday. 'In keeping with this Administration's laser focus on fiscal responsibility, our baseline presumption is that most, if not all, of these contracted services are not core to agency missions." The latest round of letters is part of a broad review of government spending on consultants, tech providers and other contractors working with federal agencies. The GSA helps oversee procurement across the government and is coordinating the administration-wide review to determine which tasks can be done internally by federal employees, and which must be done by outside consultants. In addition to McKinsey and BCG, the GSA on Thursday also sent letters to EY, AlixPartners, FTI Consulting and Alvarez & Marsal, the person familiar with the effort said. A McKinsey spokesman said the firm welcomes 'the opportunity to engage with GSA to demonstrate the value we provide to our federal clients and the American taxpayer." BCG and AlixPartners declined to comment. Representatives for EY, FTI Consulting and A&M didn't immediately comment. Gruenbaum is a former director at private-equity firm KKR. For months, he and his colleagues have been reviewing federal contracts and asking executives at large companies including Accenture and Deloitte to identify potential savings opportunities and work that could be terminated. The Journal in April reported that seven of the 10 largest consulting firms to the government had offered up to $20 billion in savings by proposing to either terminate existing contracts or reduce the scope of their work within federal agencies. GSA's review of consulting contracts so far has resulted in savings of $23.3 billion in multiyear awards, Gruenbaum wrote in his letter Thursday. He asked the consulting firms to respond by July 11 by detailing their existing federal contracts in plain language ('no consultant gobbledygook") and explaining the pricing structure of projects. The GSA is also asking firms to move to so-called outcomes-based contracts in which federal contractors are paid based on achieving certain results. 'Submissions that fail to identify meaningful waste and spending reductions will not be considered credible," the letter said. McKinsey appreciates 'the government's emphasis on outcome-based pricing, which is a model we often follow," the firm's spokesman said. 'As we have highlighted in our research, there is significant opportunity to improve productivity in U.S. government services, and we are eager to contribute to these efforts." Write to Chip Cutter at
Bloomberg
2 days ago
- Business
- Bloomberg
Trump Administration to Review Contracts With Consulting Firms
The Trump administration is asking consulting firms to justify their federal contracts as part of far-reaching efforts to reduce waste in federal spending, according to a letter obtained by Bloomberg News. The US General Services Administration said in a letter dated Thursday that it is soliciting information from the firms about their contracts to help 'critically evaluate which engagements deliver genuine value and demonstrable returns to the American taxpayer, and therefore merit external support, and which should be internalized to ensure we are responsible stewards of taxpayer dollars and avoid unnecessary spending.'
Yahoo
2 days ago
- Business
- Yahoo
Gecina: Completion of the Disposal of the Student Housing Assets
PARIS, June 26, 2025--(BUSINESS WIRE)--Regulatory News: Gecina (Paris:GFC) has successfully completed, as scheduled on June 25th 2025, the disposal of its student housing assets to the joint venture between Nuveen Real Estate (on behalf of TIAA) and GSA, based on a disposal price of €538 million (excl. duties). The portfolio comprises 20 operational assets and 2 development projects, generating net rent after operating platform costs of €20.8 million in 2024. The transaction, together with other disposals achieved in Q1 2025, will strengthen the Group's financial structure, maintaining a best-in-class LTV ratio. Concurrently, the Group will strengthen its unique footprint in the highest-performing areas of the Paris region, through investments in a pipeline of three flagship, high-yield office developments in Paris and Neuilly (representing c. €500 million still to invest), along with the strategic acquisition of an office complex adjacent to the vibrant Saint-Lazare hub, scheduled for summer 2025, for €435 million (including duties). Beñat Ortega, Chief Executive Officer: "Alongside the acquisition of a major office complex in one of our core locations (Paris Saint-Lazare), this transaction clearly illustrates the Group's strategy and agility in continuously optimizing capital allocation through the disposal of mature assets and disciplined reinvestment in higher-yielding prime office opportunities." Financial agenda - 07.23.2025: 2025 first-half earnings, after market close- 10.14.2025: Business at September 30, 2025, after market close About Gecina Gecina is a leading operator, that fully integrates all the expertise of real estate, owning, managing, and developing a unique prime portfolio valued at €17.4bn as at December 31, 2024. Strategically located in the most central areas of Paris and the Paris Region, Gecina's portfolio includes 1.2 million sq.m of office space and over 9,000 residential units. By combining long-term value creation with operational excellence, Gecina offers high-quality, sustainable living and working environments tailored to the evolving needs of urban users. As a committed operator, Gecina enhances its assets with high-value services and dynamic property and asset management, fostering vibrant communities. Through its YouFirst brand, Gecina places user experience at the heart of its strategy. In line with its social responsibility commitments, the Fondation Gecina supports initiatives across four core pillars: disability inclusion, environmental protection, cultural heritage, and housing access. Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60, and CAC 40 ESG indices. Gecina is also recognized as one of the top-performing companies in its industry by leading sustainability rankings (GRESB, Sustainalytics, MSCI, ISS-ESG, and CDP) and is committed to radically reducing its carbon emissions by 2030. View source version on Contacts Gecina Financial communications Nicolas BROBANDTel.: +33 (0)1 40 40 18 46nicolasbroband@ Virginie STERLINGTel.: +33 (0)1 40 40 62 48virginiesterling@ Press relations Glenn DOMINGUESTel.: + 33 (0)1 40 40 63 86glenndomingues@ Armelle MICLOTel.: + 33 (0)1 40 40 51 98armellemiclo@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
UPI
3 days ago
- Business
- UPI
HUD to move headquarters from D.C. to Virginia
June 25 (UPI) -- The Department of Housing and Urban Development on Wednesday announced plans to move 2,7000 employees from its headquarters in the District of Columbia to space in northern Virginia occupied by the National Science Foundation. It's the first major agency to relocate headquarters as part of the Trump administration's effort to reduce real estate, officials said at a news conference. HUD is currently on Seventh Street near the National Mall. The 10-story Robert C. Weaver building, which HUD Secretary Turner previously described as "the ugliest building in D.C.," opened in 1968 shortly after the agency was created. The building is named after the first HUD secretary. The building was put on the National Register of Historic Places in 2008. In all there are approximately 9,600 HUD employees nationwide. Turner posted video of the current and planned headquarters on X. From my first day at HUD, I have promised our staff and the American people that we are throwing out the status quo. By moving to a new HQ, we are continuing to bring about a new Golden Age of HUD. Scott Turner (@SecretaryTurner) June 25, 2025 The building is now occupied by 1,800 employees of the NSF, which is an independent agency of the federal government. A relocation timeline wasn't announced. NSF, which was created in 1981, moved into the building in 2017 after 24 years in Arlington, Va. NSF funds approximately 25% of all federally supported basic research conducted by the United States' colleges and universities. The Trump administration is planning a 57% reduction from NSF's previous $9 billion budget. Those cuts are part of broader reduced funding of health research cuts, impacting the National Institutes of Health. Michael Peters, the commissioner of the GSA's Public Building Service, said GSA is "committed to helping them continue to fulfill their mission." Peters said there are more than $22 million in yearly operational expenditures of the current HUD building. "The Robert C. Weaver Federal Building requires hundreds of millions in long-term repairs and this move will ensure they quickly have access to a modern work environment that fits their needs," Peters said in a HUD news release. Peters appeared at a news conference with Turner and Virginia Gov. Glenn Youngkin. Foundation employees gathered and shouted, "We won't go!" and "N-S-F," The news conference was relocated to a more private space in the building, WRC-TV reported. "It is time to turn the page on the Weaver Building and relocate to a new headquarters that prioritizes the well-being of HUD employees and properly reflects the passion and excellence of our team," Turner said. "There are serious concerns with the current state of HUD's headquarters, including health hazards, leaks, and structural and maintenance failures. Many of these risks will needlessly and irresponsibly continue to absorb taxpayer dollars. Relocating is about more than just changing buildings; it's about a mission-minded shift that we hope will inspire every employee." Youngkin, a Republican, supports the change. "Virginia is a great place to be headquartered, and we are excited to welcome the Department of Housing and Urban Development and their over 2,700 headquarters-based employees to the best state in America to live, work, and raise a family," Youngkin said. "Since the Trump administration started transforming the federal government to better serve the American people, our team has been focused on seizing the new opportunities that this presents for the Commonwealth." The union representing employees of the National Science Foundation released a statement criticizing the move. "While Secretary Turner and his staff are busy enjoying private dining and a custom gym, NSF employees are being displaced with no plan, no communication, and no respect," the American Federation of Government Employees Local 3403 wrote in a statement. "This callous disregard for taxpayer dollars and NSF employees comes after the Administration already cut NSF's budget, staff and science grants and forced NSF employees back into the office." The union said it didn't receive details on the plans to move. "This kind of let-them-eat-cake approach to government is absurd," the union said. "At a time when they claim to be cutting government waste, it is unbelievable that government funding is being redirected to build a palace-like office for the Secretary of Housing and Urban Development. The hypocrisy is truly dumbfounding." The area in Alexandria is also home to other federal offices, including the U.S. Citizenship and Immigration Services application support center and the office of the U.S. attorney for the Eastern District of Virginia.
New York Post
3 days ago
- Business
- New York Post
HUD HQ moving from DC to Virginia, saving taxpayers over $500M — and other agencies may follow suit
ALEXANDRIA, Va. — The Department of Housing and Urban Development will be the first major cabinet agency to relocate out of the nation's capital during President Trump's second term — a move that could save taxpayers 'hundreds of millions' of dollars and be imitated by other agencies, officials predict. 'We're going to turn the page by relocating HUD,' announced Michael Peters, a General Services Administration (GSA) public buildings commissioner in a Wednesday morning briefing. 'Taxpayers are going to save over $500 million in deferred maintenance, as well as $56 million in annual operating and maintenance expenses.' 5 'Our team went to work immediately and presented lots of sites around Virginia that could be chosen by HUD or by other agencies and departments,' said Virginia Governor Glenn Youngkin (R), hinting that others may follow suit. Kendall White The building that HUD is moving out of raised 'serious concerns' for the safety of employees, added HUD Secretary Scott Turner at the Wednesday press conference. 'Many of these risks,' he added, would 'needlessly and irresponsibly continue to absorb taxpayer dollars.' The rundown HUD headquarters also runs far below its full capacity. With every member of HUD's staff in person, the building only reaches half its total occupancy. 5 The building that HUD is moving out of raised 'serious concerns' for the safety of employees, added HUD Secretary Scott Turner at the Wednesday press conference. Kendall White The federal department will put down new roots across the Potomac River in Alexandria, Va., leaving behind a 1970s-era brutalist structure in southwest in Washington, DC. 'Our team went to work immediately and presented lots of sites around Virginia that could be chosen by HUD or by other agencies and departments,' said Virginia Governor Glenn Youngkin (R), hinting that other federal agencies may soon follow HUD into the Commonwealth. 'I do believe that we have great locations, world-class facilities, great places for people to work and to live, all at very efficient cost relative to what many many of these departments are paying today,' added Youngkin. 5 The federal department will put down new roots in Alexandria, Va., leaving behind a 1970s-era brutalist structure in southwest Washington, DC. Getty Images 'We look forward to continuing this dialogue.' HUD's relocation is part of a broader effort to sell off federal properties that have been a drain on US taxpayer dollars, Trump officials say. The Department of Government Efficiency (DOGE), formerly led by tech billionaire Elon Musk, and the GSA have already terminated over 657 leases, saving at least $350 million dollars for American taxpayers, a House Republican subcommittee tracking the cost-cutting disclosed in April. 5 The Washington building that HUD will leave behind is on a list of sites that have been targeted by the Senate DOGE Caucus for waste-cutting sell-offs, a spin-off of the department formed by tech billionaire Elon Musk. Getty Images The Washington building that HUD will leave behind is on a list of sites that have been targeted by the Senate DOGE Caucus for waste-cutting sell-offs. Other buildings on the proposed chopping block include the headquarters of the Department of Energy, the home of the Department of Health and Human Services, and several miscellaneous federal properties. Many of these properties would require significant investment to return to their full operations, with estimates on at least one building exceeding $2 billion for repairs and maintenance. 5 While Youngkin expressed great optimism for HUD's move to Virginia, the federal agency's relocation has been met with the ire of a handful of Virginia residents. Kendall White The Trump administration has also sought to sell federal buildings in San Francisco, including one named after House Speaker emerita Nancy Pelosi (D-Calif.). While Youngkin expressed great optimism for HUD's move to Virginia, the federal agency's relocation has been met with the ire of a handful of Virginians. Some employees of the National Science Foundation, who are the current occupants of the building HUD is moving into, weren't shy in expressing their discontent with getting the boot after being spurred on by the largest federal employee union. Despite the criticisms of NSF employees who gathered to protest, Youngkin and Turner remained enthusiastic for HUD's arrival in Virginia. 'Relocating is about more than just changing buildings; it's about a mission-minded shift that we hope will inspire every employee,' Turner emphasized. 'Under President Trump's leadership, we are advancing this vision and instituting a new American Golden Age.'
