ABA Executive Director Jack Rives said the building at 740 15th Street N.W. – a stone’s throw from the White House – was sold to JBC Funds, a real estate investment manager and entity of The John Buck Company. The ABA purchased the building in 1994 for $20 million and put the building up for sale in August.
Rives said the association is looking to downsize the space it occupies to about 60,000 square-feet since it will be a tenant and no longer the building owner. Currently, the association uses only about 40 percent of its current building space for its 225 employees. The association is looking for space in the neighborhood and Rives said they hope to sign a lease in January.
The ABA has the flexibility to lease back its current space from JBC through August 31, 2013, which should allow the association enough time to relocate.
“We’ve enjoyed our time here,” Rives said in an interview. “We are looking forward to moving on to a nice location with a good and modern office.”
Photo by The National Law Journal's Diego M. Radzinschi.