Photo by nevermindtheend

Having found out the worth of its headquarters, WMATA is considering selling the downtown building.

Not long after Paul Wiedefeld took over as general manager of Metro, he said he’d focus on improving safety and security, making the system more reliable, and getting WMATA’s fiscal house in order. He said that part his plan to achieve those goals included deciding if the agency should sell its 48,041-square-foot home base, located at 600 5th Street NW.

Today, Wiedefeld announced that WMATA is one step closer to making that decision, following the completion of a valuation analysis of the Jackson Graham Building. Its value? Between $56 million and $132 million.

The range in market values for the property are dependent on several factors, according to a Metro release. On the lower end, Metro could simply renovate the existing building before selling it. But to get the most profit, it could demolish and redevelop the building for future commercial uses.

If Metro were to stay put, it would need to spend between $75 million to $90 million in plumbing, heating, electrical, and other repairs. The options are clear, Wiedefeld says: “Either expend millions to retrofit the existing building to bring it up to modern fire and life safety standards, or sell the building at the top of its potential value range and use those proceeds to fund a relocation.”

Currently, Metro is the only agency permitted to use the site. It will now seek rezoning allowances that would make way for a high-density commercial development. After that process, Wiedefeld will reassess Metro’s market position and make a determination about whether or not to move forward with the sale.