The Old Post Office building in Washington is shown in this June 20, 2008 photo. Credit: Jacquelyn Martin/AP Photo

Donald Trump has been coveting famous real estate on Pennsylvania Avenue in Washington for a while, but now that the General Services Administration has told him "you're hired," his dreams have finally come true.

GSA officials Wednesday said they had completed negotiations with the Trump Organization to remodel the Old Post Office building, which is located mere blocks away from the White House, into the newest addition of the Trump Hotel line. Under a 60-year lease agreement, the Trump Organization will invest an estimated $200 million to redevelop the 114-year-old building into the luxurious "Trump International Hotel."

"It is a great honor and privilege to be given the responsibility of transforming one of our country's most important landmarks into what will be one of the great hotels of the world," Donald Trump, chairman and president of The Trump Organization, was quoted as saying in a GSA news release.

The Trump Organization will "be paying a base rent of $250,000 per month," which will escalate during the term of the lease, GSA spokesman Daniel Cruz told ABC News.

True to the Trump golden standard, the new hotel will feature 260 rooms and amenities like "world renowned restaurants, an expansive spa, conference [rooms] and ballroom, while preserving and enhancing [the building's] historic features" and "[saving] taxpayer dollars."

As GSA's newest contractor apprentice, Trump is faced with the goal of remodeling in a "cost-effective manner" in line with the Old Post Office Redevelopment Act of 2008 and maintaining the building's historic essence.

"Redeveloping the Old Post Office with a private sector partner will save millions of taxpayer dollars while restoring a unique and important historic asset," acting GSA administrator Dan Tangherlini said in a news release.

Specific preservation plans are ongoing as the agreement is placed under review by Congress, but agreements have been made to keep the building's iconic clock tower open to the public and managed by the National Park Service.

The Old Post Office is now used as federal office space. Tenants include The National Endowment for the Arts, the Advisory Council on Historic Preservation and the National Endowment for the Humanities, which will be moved elsewhere.

Redevelopment will start sometime in 2014 and the hotel is scheduled to open in 2016.