This bill modifies requirements regarding leases for federal buildings. It directs the General Services Administration (GSA) to establish, and operate through 2024, a pilot program to execute lease agreements using alternative procedures to (1) reduce the costs to the government of leased space, including by improving office space utilization rates of federal tenants; and (2) significantly reduce or eliminate the backlog of expiring leases over the next five years. The GSA shall furnish simplified procedures for the leasing of real property at rates that do not exceed $500,000. The bill provides for (1) waiver of space-planning and housing-cost requirements concerning building projects subject to congressional approval, and (2) consolidation of projects into a single prospectus to achieve efficiencies and improve utilization rates.