Check is in the mail: Sen. Feinstein’s husband to cash in selling old post offices

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Feinstein’s 2012 financial disclosure report filed in May shows her husband’s stake in CBRE is worth $250,000 to $500,000 and earned the couple at least $100,000 to $1 million. The forms describe lawmakers’ assets in broad ranges.

After the success of the FDIC contract, CBRE bid and landed the business to sell 42 old post offices for the Postal Service, which has had a relationship with CBRE dating back to 1997. The value of those properties, which range from a central Los Angeles location valued at $8.3 million to a Shawnee, Okla., office worth about $680,000, reaches into the tens of millions of dollars.

The real estate firm, which is a Fortune 500 company with 37,000 worldwide employees, stands to earn significant money from each sale. 

The Postal Service lost $15.9 billion last year and is liquidating the buildings in an effort to raise cash. 

Brennan, the Postal spokeswoman, said the contract to sell the post offices was competed between seven different firms and CBRE was selected because it had the “overall best organization, capability and experience.”  She also noted the company has extensive experience in federal real estate, and has worked closely with the General Services Administration previously.

Feinstein’s office stressed she co-sponsored legislation that would have halted the sale of the post offices before the contract was awarded, evidence it said that the senator and her husband keep their business matters separate. 

Sen. Feinstein is not involved with and does not discuss any of her husband’s business decisions with him,” spokesman Brian Weiss said.  “Her husband’s holdings are his separate personal property.  In addition, Senator Feinstein’s assets are held in a blind trust.  That arrangement has been in place since before she came to the Senate in 1992. “

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