The AFL-CIO Building Investment Trust (“BIT”) demonstrates that union members’ pension funds can be invested in accordance with our values as a labor movement. The AFL-CIO proudly supports the BIT’s primary objective of generating risk-adjusted returns for pension fund investors while creating benefit-providing jobs for union members.
Over the last five years, the BIT has seen record new participant investment, raising more than $280 million in 2015 alone. This new investment helps the BIT maintain a development pipeline of new construction projects, including those in New York City, Los Angeles, and Chicago.
BIT’s latest projects include Riverside Center in Manhattan, a 40-story, $480 million superstructure, with 616 residential units and retail space. Riverside Center is expected to open in early 2016. Los Feliz Apartments is a 220-unit, $96 million investment under construction in Glendale, a Los Angeles suburb.Wolf Point West, a 507-unit, $160 million residential tower in a premier location on the Chicago River, will also soon begin leasing.
These projects alone have helped to generate more than 3,000 union construction jobs. With a union labor policy among the most comprehensive in the commercial real estate industry, the BIT continues to create safe jobs with benefits. In addition to employing the skilled men and women of the building and construction trades, BIT investments create jobs for union members who service and maintain completed BIT projects.
The BIT enters 2016 with a pipeline of world-class construction projects. With more investment, the BIT can continue to expand its portfolio and positive impact in communities across America. I encourage all union leaders, pension trustees, and financial consultants to give the BIT careful consideration.
Richard L. Trumka