AFL-CIO BUILDING INVESTMENT TRUST (BIT) AND THE POWER OF LABOR INVESTMENTS
The AFL-CIO Building Investment Trust (“BIT”), a bank collective trust for which PNC Bank, National Association serves as trustee is a $5.3 billion core commercial real estate fund and the only commercial real estate fund to carry the AFL-CIO brand. Since 1988, the BIT has provided a vehicle for qualified pension funds and retirement plans to invest in commercial real estate.
The BIT offers eligible pension and retirement plans the opportunity to diversify their portfolios, reduce risk and enhance returns through prudent investments in the development and acquisition of commercial real estate. The comprehensive written union labor policy is designed to benefit the BIT’s investments by promoting positive labor relations, quality construction and productivity through the use of trained and skilled craft workers. Since its inception, BIT has generated millions in union construction work hours for the men and women of the building trades.
“…This is an exciting example of union pension plans investing in our community. We thank the AFL-CIO Building Investment Trust and its partners for their work on the Waverly Apartments project.” – Larry Brown, President of the Washington State Labor Council, AFL-CIO.
Waverly Apartments is a primary example of how the BIT uses its pension dollars to put union members to work. Waverly Apartments, a 28-story multifamily development tower in downtown Seattle that is a joint venture between the AFL-CIO Building Investment Trust (BIT) and Greystar Real Estate Partners. Its construction will be performed by 100% union labor.
The 374-unit building is located in the South Lake Union neighborhood adjacent to Denny Park, will offer panoramic views of downtown Seattle, Lake Union and the Space Needle. Residents will have convenient access to I-5 and Route 99, plus other local transportation options including the Seattle Streetcar and Link Light Rail. Waverly’s estimated completion date is late January 2022.
In addition to the Waverly Apartments, the BIT currently has the Salesforce Tower under development in Chicago and two projects scheduled for development in late 2020 & 2021.
Read the original article here.
