SEIU Closes on Acquisition of New Headquarters Building: Zuckerman Spaeder LLP Attorneys Help to Negotiate Deal
On December 12, the nation's largest and fastest-growing union, the Service Employees International Union (SEIU), closed on the acquisition of a building that will be its new international headquarters. Previously owned by the National Rural Electric Cooperative Association, the building at 1800 Massachusetts Avenue NW., Washington, DC, contains approximately 194,000 square feet of rentable space.
Zuckerman Spaeder partner Marshall Wolff represented SEIU in its negotiations of the terms of the purchase of 1800 Massachusetts Avenue NW. In addition, Zuckerman Spaeder attorneys also worked with Shattuck Hammond Partners, SEIU's financial advisor, to negotiate the terms of a loan from Bank of America to help finance the purchase.
The SEIU plans to move into approximately 115,000 square feet of its new headquarters building after the current tenants vacate. The union will rent the remaining office and retail space.
"SEIU is looking forward to expanding into a new headquarters building that will allow the organization to better serve its members," Wolff said.
With 1.6 million members, SEIU has doubled in size since it purchased its current home, 1313 L Street NW, two decades ago, and has recently had to lease temporary swing space.