The real estate market is still pretty weak, but don't tell that to the American Bar Association.
The organization hopes to cash in on its Washington location, a historic edifice just a block from the White House. The ABA purchased the building during the early 1990s for $20 million, treasurer Alice Richmond said during a presentation before the ABA House of Delegates. Now, it hopes the sale of the structure will bring in about $65 million — representing a handsome profit.
“We are pursuing a possible sale. We have bidders who have come in higher than the price we thought we would get,” said ABA Executive Director Jack Rives.
While the location and grandeur of the building are tough to beat, Richmond described the interior space as a “rabbit warren” of small offices that are not very functional or flexible for ABA staff.
Rives said that he has visited eight possible new locations within Washington. “Any of the eight would offer better work quality for our staff,” he said. He expects to be able to report more information about the move by October.
The ABA is based in Chicago, but houses a sizable staff in Washington. Any profits for the sale of the building likely won’t be a game-changer for the ABA. It already has an annual budget of nearly $104 million.