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.
Although the Milken Center bears the name of financier Michael Milken, its story also reflects a broader arc of reinvention. In the 1980s, Milken rose to prominence on Wall Street as a pioneer of high-yield bonds before pleading guilty in 1990 to securities and tax violations, serving prison time, and paying substantial fines. He was later barred from the securities industry. In 2020, President Donald Trump granted him a full pardon, citing decades of philanthropic work. Since then, Milken has devoted his wealth and influence to medical research, education, and philanthropy through the Milken Family Foundation and the Milken Institute—the organizations behind the creation of this new cultural landmark in Washington.
The original Riggs building, completed in 1899 and designed by York & Sawyer, held a storied history as “the Bank of Presidents.” Today, it’s been transformed into a cultural destination that repurposes stability into inspiration.
The Hall of Generations
At the heart of the restored Riggs Bank hall stands the Tree of Generations, a luminous golden sculpture symbolizing the connections among innovators, artists, and entrepreneurs whose work has shaped the American story. The installation rises beneath a grand skylight and classical ornamentation, filling the space with both light and metaphor.
This Hall of Generations serves as the entry point to the Center’s galleries, which explore the pillars of the American Dream—education, health, financial empowerment, and entrepreneurship. It is a powerful visual reminder that individual achievement grows from shared roots.
Gold-Leaf Gallery
This gallery features a gold-leaf vaulted ceiling that casts a warm glow over rich wood paneling and contemporary seating. Located near the Stand Together Theater, it merges historic craftsmanship with modern storytelling displays—a quiet, contemplative space that honors the grandeur of the building’s banking past and the optimism of its new mission.
A Landmark Reimagined
The Milken Center’s completion marks the culmination of a decade-long restoration project that united five adjoining historic buildings into one interconnected institution. What once served as the headquarters of Washington’s most powerful bank now invites visitors to think about how opportunity itself is built, nurtured, and renewed.
In a city where history and symbolism matter, the Milken Center for Advancing the American Dream stands as both—a place that transforms marble and glass into a living conversation about possibility.
For now, the Milken Center’s architecture remains its most eloquent statement. The restored marble halls and gold-leaf ceilings are breathtaking—among the finest adaptive reuse projects in Washington. Yet the exhibits feel tentative, more gesture than substance, as if the space itself is still waiting to discover its voice. Perhaps that’s fitting: a monument to aspiration still in search of the story it wants to tell.
I’m glad I visited the Milken Center. It was moving to see the former Riggs Bank so beautifully restored, its marble and gold alive again. Yet the experience left me with mixed feelings. For all its polish and ambition, the project feels oddly sad—an immense investment in image and permanence when the same resources might have done more tangible good elsewhere.