WELCOME TO THE AFL-CIO
BUILDING INVESTMENT TRUST (BIT)
The ONLY commercial real estate fund licensed to use the AFL-CIO brand.
AT A GLANCE
Since 1988, the BIT has directly or indirectly invested more than $7.4 BILLION for the development and
acquisition of more than 200 office, retail, multifamily, hotel, warehouse, and mixed-use properties across the country.
The BIT invests in assets located in the communities where union families live and work.
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INVEST IN THE BIT
Competitive risk-adjusted returns for qualified union pension plans.
RICHARD L. TRUMKA
The BIT’s investments have helped to generate more than 80 million union construction hours since the Fund’s inception.
PNC Bank, National Association (PNC Bank)
The BIT 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). With roots in commercial banking that date back to the 1800s, PNC is one of the largest diversified financial services organizations in the United States, with assets of $410 billion and a workforce of approximately 52,000 employees as of March 31, 2020. PNC, operating primarily in 19 states and the District of Columbia, provides retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
As Trustee to the BIT and subject to the Trustee’s authority to delegate its authority under the Trust Agreement, PNC Bank is responsible for all aspects of the management and administration of the BIT, including the selection of investments. PNC Bank has retained PNC Realty Investors, Inc. (PRI) to provide real estate investment advisory and management services for the BIT. PNC Bank has established the BIT Investment Committee to manage the BIT. As of the March 31, 2020, the voting members of the BIT Investment Committee are primarily senior officers of PNC Bank and its affiliates.