A $505 million buyout to gain leasehold interest in Union Station is the latest update in a long-standing battle between Amtrak and the real estate firm Rexmark.
Gaining control of the major D.C. train station allows Amtrak to continue with its proposed $8.8 billion renovation.
Union Station is one step closer to major upgrades pending court approval of $505 million payment by AmtrakUNION STATION REDEVELOPMENT CORPORATION, VIA BEYER BLINDER BELLE/GRIMSHAW ARCHITECTS
The complex battle for controlling interest started back in 2022 when New York developer Ben Ashkenazy defaulted on loans on the property. Lender Rexmark won the foreclosure shortly after. Concurrently, Amtrak tried to use eminent domain and a $250 million payment in April 2022 to seize control. Rexmark fought back against the move, claiming that payment equated to only a third of the property’s value.
Amtrak finally agreed to pay Rexmark $505 million, over double their initial offer, to resolve the dispute, pending judge approval.
New train hall, below-grade concourse, and more as part of $8.8 billion renovationUNION STATION REDEVELOPMENT CORPORATION, VIA BEYER BLINDER BELLE/GRIMSHAW ARCHITECTS
The Union Station Redevelopment Corp. (USRC) supports the settlement, focusing on transforming the station into a modern facility. Amtrak now controls both the retail and transit sides but needs USRC's approval for further expansions.
Plans include new underground parking, designated pickup and drop-off zones, an additional below-grade concourse, expanded train tracks, and a bus facility with access to a new Train Hall. Architects Grimshaw, in collaboration with Beyer Blinder Belle, Arup, and VHB aim to preserve the historic station while enhancing access to existing railway services, Metrorail, DC Streetcar, and bus services.
