“Now that we have realized the long-term investment in our property on Broadway, we are committed to effective stewardship of the proceeds of this sale,” Peterson said. “The proceeds from this sale will allow us to accelerate our work of inviting missions to experience the Bible’s life-changing message,” he said. “This sale could not come at a better time, fueling new growth at the threshold of our third century of missions,” said President and CEO Roy Peterson. “As we prepare to enter a third century of ministry, we believe that now is the time to unlock the significant market value of the mid-Manhattan address and reinvest the proceeds to extend our mission-focused ministry. “The sale is a strong mission accelerator,” ABS Board Chair Nick Athens said via a statement announcing the transaction. The headquarters building has been fully depreciated, according to its 2014 financial statements. Last year, American Bible reported total assets of $528 million, total revenue of $51 million and operating expenses of $83 million. The $300 million sale price is nearly three times the charity’s annual budget. The Board of Trustees approved the sale of the building in June 2014. It’s expected to be razed and replaced with a residential development. The building is located on a prime stretch of Broadway near 61 st Street, within a block of Central Park, Columbus Circle, and Lincoln Center. One of the ministry’s founders and its first president, Elias Boudinot, was a native son of Philadelphia.ĪBS has been in the 12-story headquarters building for 48 years, its fourth location in New York City. Philadelphia was selected based on a number of factors, including strategic collaboration opportunities, affordability and livability. ABS is one of the oldest charities in the country, with its bicentennial coming in 2016. The Bible Discovery Center, which would provide quick access to 5 th Street - the center point of Independence Mall - is being explored for a 2016 opening. The organization also has proposed creating a Bible Discovery Center on the first floor as well as a conference center, Rare Scriptures Depository and scholarly working library on the concourse. ABS expects to “maintain a presence” in New York. The vast majority of the roughly 180 employees in the New York and Valley Forge, Pa., offices are being invited to relocate to the Philadelphia headquarters but there’s no final count yet on how many can make the transition. The new headquarters will be located in Philadelphia’s historic district, encompassing nearly 100,000 square feet of leased space on the eighth and nine floors of 401 Market St. After almost two centuries in New York City, the American Bible Society (ABS) has sold its headquarters for $300 million and plans to move to Philadelphia this summer.
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