American Bar Association Sells DC Headquarters
WASHINGTON, D.C., Dec. 16, 2011 — The American Bar Association sold its historic 175,000-square-foot building at 740 15th St., N.W.—a block from the White House—to an entity controlled by the John Buck Company today. The ABA retained the flexibility to lease back its current premises through Aug. 31, 2013, which allows the Association time to complete a relocation.
JBC, a privately owned real estate investment manager with holdings nationwide, plans to renovate the historic property.
“We look forward to renovating this architectural landmark and reintroducing it to the market as a classic masterpiece with state-of-the-art modern features,” said Chairman and CEO John A. Buck II.
The ABA purchased the building in 1994.
“Although the current building has served the ABA well for nearly 20 years, the ABA occupies only 40 percent of the property and its staff is dispersed over seven floors,” said ABA Executive Director Jack L. Rives. “A new location will allow the ABA to more efficiently utilize its space.”
The international commercial real estate services firm, Studley, negotiated the transaction. The sale comes on the heels of the ABA’s long-term lease extension and renewal of 201,000 square feet of office space in Chicago this past September, also negotiated by Studley. The firm is working with the ABA on negotiating the lease for its Washington, D.C., relocation.
With nearly 400,000 members, the American Bar Association is the largest voluntary professional membership organization in the world. As the national voice of the legal profession, the ABA works to improve the administration of justice, promotes programs that assist lawyers and judges in their work, accredits law schools, provides continuing legal education, and works to build public understanding around the world of the importance of the rule of law.
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