Across from the White House on Pennsylvania Avenue stands the former Riggs National Bank building—a fixture of Washington life for over a century. In 2015, the Milken Family Foundation acquired this landmark, along with adjacent properties, spending a combined $86.5 million to secure their presence at the heart of the nation’s capital. (Bisnow) $31 million went for the Riggs building at 1503–1505 Pennsylvania Avenue NW, while an additional $55.5 million covered the neighboring properties, including 1501 Pennsylvania Ave NW and 730 15th Street NW. (Bisnow)
This wasn’t just a real estate acquisition; it was a symbolic statement. The location—directly opposite the Treasury and a short walk from the White House—signals that the project goes beyond philanthropy. The decision to establish the Milken Center for Advancing the American Dream in such a prominent spot underscores a belief that the values of opportunity and aspiration are central to America’s civic life.
The original Riggs building, completed in 1899 and designed by York & Sawyer, held a storied history as “the Bank of Presidents.” Today, it’s being transformed into a cultural destination that will repurpose stability into inspiration—when the center opens this year, it will unite past and future in one of Washington’s most symbolic settings.