Realty Asset Management

The Postal Service is conducting ongoing reviews to identify facilities that can be sold and leases cancelled where the property is no longer required to meet operational needs. Most excess space is the result of network consolidation or changes in equipment, processes, or function. The Postal Service has strengthened its realty management processes to take full advantage of the income opportunity that these properties represent, which in 2010, amounted to $180 million. Early in the year, the sale of the former Chicago Main Post Office produced $23.8 million in net revenue. During the year, the Postal Service implemented the “restacking” of it headquarters campus, which consolidated offices into the main building from other sites. Scheduled for completion in December, this effort will save $87 million over 10 years.