ABA Sells Off Historic DC Headquarters For $69M
December 19, 2011
By: Natalie Rodriguez

 The American Bar Association has sold its historic Washington headquarters for $69.25 million to real estate manager The John Buck Co., paving the way for the organization's relocation to to a smaller, more central space, the association announced Friday.

As part of the sale of the building, located at 740 15th St. N.W., the ABA kept an option to lease from John Buck in place until Aug. 31, 2013, to give it time to find new digs.

However, the association can give up the space earlier than that with no penalties under the agreement, a company spokesman said. ...

... Real estate services firm Studley, which has a practice dedicated to law firm operations, helped negotiate the sale to John Buck and is already working on securing the organization a new space in the Washington area, an ABA spokesman said.

ABA bought the 175,000-square-foot building in 1994. Located a block from the White House, it also houses four offices for the U.S. General Services Administration, including those for the U.S. Small Business Administration and U.S. Department of the Treasury, Studley said. A fifth tenant is the World Justice Project.

Three of the GSA leases go until 2016, so those offices plan to stay put with John Buck as the new landlord, according to Vernon Knarr, a member of the Studley team who negotiated the deal. ...

... ABA was represented in the transaction by John Goodman, Vernon Knarr, Parker Lange and Art Greenberg of Studley's commercial real estate advisory.

In September, Goodman also played a part in helping ABA snag a long-term extension and renewal of 201,000 square feet of office space in Chicago. ...

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