Bowen Building Sale Finalized

On April 16, when many people were relieved to have tax day behind them, BAC’s Executive Board was finalizing the sale of the Bowen Building, the Union’s headquarters since the early 1900s. New York-based Real Estate Capital Partners paid BAC $26 million for the property.

The sale of the building comes at a good time. “We were able to sell when the market for such properties was still good, and we received the price that the Executive Board had agreed on,” says Secretary-Treasurer Jim Boland. “The headquarters will move to temporary space in early 2002 while we look for a new permanent headquarters.”

The Union had tried to sell the aging building in the early 1990s, but the sale fell through when the Washington, D.C. real estate market crashed.