International Brotherhood of Electrical Workers (IBEW)

Client Situation

The International Brotherhood of Electrical Works (IBEW) decided to sell its existing, aging headquarters at 1125 15th Street and purchase a new building at 900 7th Street.  The Union had already received two unsolicited offers to purchase 1125 15th Street but retained Studley (now Savills Studley) to ensure the building achieved full market value. 

Consideration Analysis

In order to guarantee the proceeds of the existing headquarters building sale were available for the 900 7th Street purchase, Studley worked on an expedited schedule for marketing the property.  Studley used a ‘direct’ sales campaign to target thirty core investors who would be interested in the 38 percent leased building, increasing the efficiency of the entire sales process.

Result

Studley achieved a sales price 28 percent higher than the initial offers received by IBEW, making this the highest price ever paid for a mid-block building of this vintage.  The entire sales process took four months, meeting IBEW’s time constraints and allowing for a smooth purchase of 900 7th Street.   Studley also advised IBEW on its $115 million purchase at 900 7th Street, including negotiating and implementing the $80 million financing required for the new building.

Summary Information

  • Property: 1125 15th Street NW, Washington, DC
  • Transaction Size: $64 Million
  • Transaction Type: Sale
  • Service Line: Capital Markets

Meet the Team

Knarr, Vernon E.

Knarr, Vernon E.

Executive Managing Director
202.624.8513