Mining the Mission | Pew Trusts Gets Into the Real Estate Business
While its headquarters are in Philadelphia, the Pew Charitable Trusts has a substantial operation in Washington, D.C., a natural second home for an organization whose research has such a public-policy focus. The Pew recently announced that it would consolidate its two offices in the District into a single, 10-story building it has acquired on E Street. In addition, reported the Washington Post,
Pew plans to lease 90 percent of the building to other nonprofit groups, at 10 to 15 percent below market rates.
“We plan to make this our home for a long, long time,” says Rebecca W. Rimel, Pew Charitable Trusts’ president and chief executive. “We are hoping to find nonprofits who want to make this their home for a long time.”…
Pew’s plan comes as other nonprofits have been leaving the District because of higher rents, said Sean Madigan, spokesman for the D.C. deputy mayor’s office. Neil O. Albert, deputy mayor for planning and economic development, last year created a task force designed to keep nonprofit groups in the city as well as attract new ones.
“It’s a real problem,” Rimel said. “Many nonprofits want to be in the District for all of the reasons that we do: access to talent, access to colleagues and other nonprofits, access to policymakers. And at these rental rates, it’s very, very hard to not only find the resources, but to justify the investment.”
Pew’s mission-driven real estate effort doesn’t end there. The Post noted that the organization will renovate its new building in an environmental friendly way in hopes of attaining LEED certification.
What a model for other large nonprofits to follow: Using one’s resources and heft to lift up those in need. Isn’t that what so much of the nonprofit mission is all about? | 501(c)
Related Stories
POSTED IN: Mission, Worth a look
0 opinions for Mining the Mission | Pew Trusts Gets Into the Real Estate Business
No one has left a comment yet. You know what this means, right? You could be first!
Have an opinion? Leave a comment: