The NFFE National Executive Council Announces Building Sale

Washington, DC-As many of our members are aware, NFFE has been in the process of trying to sell our 1016^th Street building for many years.  The sale of the current National Headquarters building was finalized on Monday, April 24^th, with approval from the 1016 16^th St. venture and a unanimous vote by the NFFE National Executive Council.

NFFE has been headquartered at the 1016 16^th St., NW address in Washington, D.C. since 1976.  The 1016 16^th St. venture was formed in 1984, when NFFE refinanced the building in collaboration with a number of individual investors and rehabilitated the structure.  This is the fifth permanent address for NFFE; the 30-year tenure at this location marks the longest in NFFE’s history.

“This is an excellent financial move for our members,” said National Secretary/Treasurer John Paolino.  “After the current mortgage has been paid off, the other members of the venture have received their share of the sale price, and the closing costs have been subtracted, NFFE will be left with substantial funds to invest,” he went on to say.  “By liquidating the building assets, it enables NFFE to move to a location with a larger, more suitable layout, as well as more modern office space.”

“We all have mixed emotions about leaving this building. I myself, as well as a lot of members, have some sentimental attachment here,” said NFFE National President/DBR Richard N. Brown.  “But selling was the fiscally responsible decision, and freeing up those resources will allow us to better serve our membership, which is our ultimate purpose.”

We are currently in the process of searching for new office space to lease.  We are pursuing a number of locations in Washington, D.C., and will keep you informed as the details of our move are finalized.