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Bar News - July 17, 2009 Bar Association Exercises Option to Buy Bar Center
The purchase of the approximately 14,594 square feet of office condominium and meeting space (not including our allocated share of third floor "common area" of 2,577 square feet) enables the Bar Association to save money by avoiding a scheduled rent increase and controlling future occupancy costs. The purchase is financed by a $1.4 million mortgage with Citizens Bank, and takes advantage of favorable interest-rate conditions and a loan package that uses a combination of fixed-rate and variable-rate financing that will allow the Bar Association to make additional payments to principal when its cash balances are high, such as at the beginning of a new Association year. The Bar Foundation also will continue to be co-located at the Bar Center as a tenant. Both the Bar Association and Bar Foundation moved to 2 Pillsbury Street, a newly renovated six-story multi-tenant office building, in June 2006. The new Bar Center has proven to be a winner for Bar members – roughly half the total square-footage is for direct member use, such as small meeting rooms and a library. The location, more easily accessible from major highways, also offers ample parking, and the seminar room accommodates more attendees for on-site CLEs. |
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