After failing to sell at sheriff’s sale, the former Navy Yard headquarters of GSK has closed a deal.
The Eastern Atlantic States Regional Council of Carpenters purchased the vacant 207,779-square-foot building at 5 Crescent Drive for $52 million.
The sale price reflects a 60% discount from the property’s last transaction eight years ago.
The building was sold by Rialto Capital Management, acting as special servicer for the CMBS trust holding the debt.
The labor union plans to occupy the property within three to six months.
Approximately 125 employees will relocate from the union’s headquarters at 1803 Spring Garden Street, according to COO Ray Brugueras.
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