<p>WASHINGTON-The Federal Deposit Insurance Corporation (FDIC) Board unanimously approved the construction of a new nine-story building at its office complex in Northern Virginia. Leases that the agency has on four office spaces in Washington, D.C. are scheduled to expire in June 2003. The new building would house the 1,100 soon-to-be up rooted FDIC employees working in the leased areas. The new building is expected to cost approximately $111 million, but expected to tally long-term savings of more than $78 million (in current dollars) over the next 20 years. The expansion is expected to be finished in 2006. It will complete the development of the FDIC Virginia Square campus, which began more than 10 years ago. The expansion will result in approximately 422,000 square feet of space, compared to the 536,000 square feet the FDIC currently leases in Washington. The FDIC already owns three buildings in metropolitan Washington and will maintain its headquarters, which it owns, at 550 17th St., N.W., across the street from the historic Old Executive Office Building.</p>

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