Message from the AFL-CIO President*

The AFL-CIO Building Investment Trust’s (“BIT”) primary objective is to generate competitive risk-adjusted returns in real estate investments. BIT investments help create union jobs, and provide opportunities for more contributions to the retirement funds of working people. I am proud to say this investment objective has been the cornerstone of the BIT since 1988.

In nearly three decades, the BIT has invested over $7 billion in more than 200 labor-friendly projects, and the BIT has helped to keep the worksites busy in 2016 thanks in part to nearly $225 million in new investment from participants. The BIT finished some remarkable projects last year.

The BIT recently opened North America’s largest wood frame building, the award-winning $61 million T3 Office in Minneapolis. In 2017, the BIT and its venture partner plan to break ground on a 66-story residential project in Chicago. The new building, called Wolf Point East, will be the tallest among the properties that make up the BIT’s historic development in the Chicago area.

The BIT has committed to investing over $230 million to two major projects in the San Francisco Bay Area. Cadence is a planned apartment development in South San Francisco, with an expected BIT investment of $143 million. The BIT has also committed to invest $88 million into MacArthur Commons in Oakland.

Developments such as these have over the years provided thousands of skilled union craftsmen and women the opportunity to find employment in the building and servicing of BIT properties. Workers in industries such as service and retail, and from AFL-CIO affiliates across the nation also benefit at BIT properties, because the BIT has one of the most comprehensive labor policies in the commercial real estate industry.

Investment by the BIT in real estate projects helps to create construction and related jobs in America, which in turn helps to build a stronger economy. All union leaders, pension trustees and financial consultants would do well to look into the BIT.

With more investment, the BIT can continue to grow and expand its portfolio and its positive impact.

In solidarity,

Richard L. Trumka
President
AFL-CIO

 

* PNC Bank, National Association (PNC Bank) is the trustee for the BIT. PNC Bank licenses from the AFL-CIO the use of the name “AFL-CIO” in connection with the fund’s name and its activities, opinions of third parties are not necessarily those of PNC Bank.

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BIT News

Construction Continues Nationwide at AFL-CIO Building Investment Trust Projects In 2017 the AFL-CIO Investment Trust Corporation ("ITC") took part in groundbreakings and grand openings from coast to coast in celebration of properties within the portfolio of the AFL-CIO Building Investment Trust ("BIT").
AFL-CIO Building Investment Trust Announce Two New Developments in California The AFL-CIO Building Investment Trust ("BIT"),along with its joint venture partners, recently closed on two projects that are intended to generate hundreds of union construction jobs.
AFL-CIO Building Investment Trust Announces New Job Creating Development With Exciting New Video Wolf Point East is to be a 66-story, 750-foot tall mixed-use skyscraper that will generate nearly 300,000 hours of union construction work.