Summary: The federal government, with a portfolio of nearly 435,000 buildings and half a billion acres, is one of the world's largest property owners. Most of the government's holdings are national parks, forests, and military facilities. In an era of budgetary constraints, federal agencies are increasingly interested in managing their buildings and facilities in a more businesslike manner. Many agencies have explored the formation of partnerships with the private sector. Known as public-private ventures, these arrangements typically involve contracts with private sector firms to renovate, build, operate, or manage facilities that provide services to the public. This report identifies the key elements of partnerships between the federal government and the private sector that were formed to help the government acquire and operate federal real estate and facilities more efficiently and effectively. GAO describes key elements and related experiences from six federal partnerships involving the following agencies: the National Park Service, the Department of Veterans Affairs, and the U.S. Postal Service.
