Culver City, CA (February 27, 2018) – Members of the staff of the AFL-CIO Investment Trust Corporation (“ITC”) and AFL-CIO Investment Trust Corporation Financial, LLC (“ITC Financial”) joined representatives from the Los Angeles/Orange Counties Building & Construction Trades Council, the Los Angeles County Federation of Labor, and various local unions from Southern California to formally open the AFL-CIO Building Investment Trust’s (“BIT”) Culver City Office project. The joint venture development with IDS Real Estate Group is known as C3 at Culver Pointe.
Construction began on the project in the second quarter of 2016. The project was the BIT’s second recent joint venture office development in Southern California with IDS Real Estate Group
Now that the project is complete, C3 at Culver Pointe offers more than 280,000 square feet of office space within its seven stories. Each office unit is loft-style, with an open-plan communal workspace on the ground floor. While the ribbon cutting was held in late February 2018, nearly half of the project had been leased as of December 31, 2017.
Important Notes Regarding the AFL-CIO Building Investment Trust:
Transactions listed here are not a complete list of transactions but contain a sampling of transactions during this time period. A complete list of transactions may be provided on request. Opinions or statements herein by third parties are not representations, warranties, or opinions of PNC Bank. The inclusion or listing of these third parties also should not be considered an endorsement by these third parties or participants.
The AFL-CIO Building Investment Trust (the “BIT”, the “Trust”, or the “Fund”) is a bank collective trust for which PNC Bank, National Association (“PNC Bank”) is the trustee. PNC Bank is an indirect, wholly-owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”). PNC may use the service mark “PNC Institutional Asset Management” in connection with certain activities of the Trust. PNC Bank has retained PNC Realty Investors, Inc. (“PRI”) to provide real estate investment advisory and management services for the BIT. PNC has retained the AFL-CIO Investment Trust Corporation (the “ITC”) to provide investor and labor relation services and AFL-CIO ITC Financial, LLC (“ITC Financial”), an indirect, wholly-owned subsidiary of the ITC, to provide marketing services in connection with the BIT. ITC Financial is a registered broker dealer under the U.S. Securities and Exchange Commission (“SEC”) Act of 1934, as amended, and member with the Financial Industry Regulatory Authority, Inc. (“FINRA”). PNC Bank licenses the ability to use the “AFL- CIO” name in the name of the Trust and in connection with the activities of the Trust.
Fees and Expenses: The Trustee pays a trustee fee (the “Trustee Fee”) from the assets of the Trust. The Trustee charges 1.0% on net assets up to or equal to $2 billion, .85% on net assets over $2 billion and less than or equal to $3 billion, and .80% on net assets above $3 billion. The Trustee also charges a .10% fee on capital that has not been committed to a real estate investment. The Trustee pays the fees for the services of PNC Realty Investors, Inc., AFL-CIO Investment Trust Corporation, and AFL-CIO ITC Financial, LLC out of the Trustee Fee (and not from the assets of the Trust). Other than General Administrative Expenses, the Trustee pays from Trust assets all expenses incurred in connection with the investment, administration and management of the Trust out of trust assets (and not out of the Trustee Fee).
Risk Factors: A participant’s investments in the BIT are not bank deposits, nor are they backed or guaranteed by PNC or any of its affiliates, and are not issued by, insured by, guaranteed by, or obligations of the FDIC, the Federal Reserve Board, or any government agency. Investment in the BIT involves risk. Investment return and principal value of an investment in the BIT will fluctuate so that a participant’s investment, when redeemed, may be worth more or less than the original investment. A participant’s redemption of its investment or units in the Trust, or a portion thereof, may be delayed by Trustee for one year (or longer if permissible under applicable law) from the date of the request for such redemption.
The BIT generally invests directly or indirectly in commercial real estate through equity investments. The BIT may also in the future invest in real estate through the provision of financing. Equity investments are subject to risks inherent in or customarily associated with the ownership of income-producing real estate, and real estate financing involves risks inherent in or customarily associated with the risks of financing secured directly or indirectly by income producing real estate.