Exempts properties included in the recommendations for disposal or realignment under this Act from certain public benefit conveyance requirements, including the McKinney-Vento Act (requiring surplus property to be used to assist the homeless).
Limits the authority of executive agencies to lease space for the purposes of a public building.
Requires the Commission to identify and compile, on an annual basis, a list of assets located outside of the United States and its territories that are owned or managed by the Bureau of Overseas Building Operations of the Department of State and that may be sold to reduce the federal real property inventory or otherwise disposed of, transferred, or consolidated.
Requires OMB and GSA to: (1) provide specified congressional committees, upon request, access to the Federal Real Property Profile established by Executive Order 13327, dated February 4, 2004; and (2) make such Profile available, upon request, to the Government Accountability Office (GAO), the Congressional Research Service (CRS), the Congressional Budget Office (CBO), and the Commission.
Requires each federal agency, not later than three years after the enactment of this Act, to sell, dispose, transfer, exchange, consolidate, co-locate, reconfigure, or redevelop any federal real property that is deemed excess property.
Prohibits judicial review of certain actions taken by the Commission or the President under this Act.
Requires the Administrator to consider the life-cycle cost (i.e., the sum of investment, capital, installation, energy, operating, maintenance, and replacement costs) of certain public buildings that are constructed or leased after the enactment of this Act.