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Commercial real estate news: Possible FBI locations in Maryland

There are various interactions local, state and federal governments can have with real estate -- even when that real estate belongs to someone else. In some cases, both residential and Commercial real estate holders can be forced into purchase situations when the good of the city or area is deemed more important. Whether it's a case of eminent domain or a traditional real estate transaction, any time property changes hands for any reason, it's a good idea to understand legal issues and ensure all areas are fully covered.

Sometimes, the real estate transactions can be exciting for the owner, the buyer and those in the area of the property. New stores or restaurants may excite a town, for example. A recent announcement of the possibility that the Federal Bureau of Investigation could move into a Maryland suburb is likely met with mixed feelings from residents, however.

According to reports, the FBI's current headquarters, located in the nation's capital in the famed J. Edgar Hoover Building, is no longer meeting agency needs. The agency has outgrown the building, which has been called obsolete and inefficient. In 2011, a report from the Government Accountability Office sided with FBI complaints about the building, stating that the building wasn't capable of meeting the agencies long-term needs with regard to security.

The FBI currently has offices in annexes that are spread throughout the area, which is not ideal. The agency would like to move employees to a single, secure location. According to reports, the agency is considering three suburban locations, two of which are located in Maryland. According to reports, locations are fighting to be the final choice because an FBI presence would bring thousands of jobs and an economic boost to the area chosen.

When dealing with Commercial real estate transactions of any type, it's important to weigh economic and other benefits against possible disadvantages. Backing the transaction with strong, well-vetted contracts is one way to protect yourself when dealing with buyers or sellers.

Source: Star Tribune, "Government names 3 suburban sites in Maryland as finalists for new FBI headquarters" Eric Tucker, Jul. 29, 2014

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