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The verdict is that it’s an ugly, crumbling concrete behemoth, an architectural mishap.

But in this time of tight budgets, massive deficits and the “fiscal cliff,” the 38-year-old building has one big thing in its favor.

It sits atop very valuable real estate, an entire city block midway between the Capitol and the White House.

The agency that oversees all federal buildings has issued an invitation to developers: How would you like to build a new headquarters for the FBI in a different location? In exchange, we’ll consider throwing in the J. Edgar Hoover Building and the underlying land as part of the transaction.

MINNESOTA

Bachmann re-election run eased other campaign debt

ST. PAUL — Rep. Michele Bachmann has dramatically reduced what had been a more than $1 million debt from her failed presidential run and she has her congressional re-election effort to thank for it.

New campaign finance reports released Thursday show the Minnesota Republican repaid more than $750,000 in presidential campaign debt by transferring it from her congressional account. More than $500,000 of that was shipped over between late October and late November.

Mrs. Bachmann is one of the most prolific fundraisers in Congress. She narrowly won a fourth term in November over Democrat Jim Graves.

The congressional run was her second 2012 campaign. She waged a brief run for the GOP presidential nomination but dropped out after a poor showing in Iowa’s leadoff caucuses.

Her debt now stands at about $170,000.

INDIANA

Lugar creates internship program out of capital

INDIANAPOLIS — U.S. Sen. Richard G. Lugar will continue wielding influence in Washington after he leaves office, albeit with a much younger audience.

Mr. Lugar is starting an internship program with the University of Indianapolis that will operate out of Washington. He also has agreed to deliver a handful of lectures each year as a distinguished professor at the private university.

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