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IN THE THIRD QUARTER, MEPT ACQUIRED 200 WEST MADISON, A 928,040 SQUARE FOOT, CLASS A OFFICE BUILDING IN CHICAGO’S WEST LOOP NEIGHBORHOOD, FOR A TOTAL PRICE OF $217.5 MILLION
The acquisition helps MEPT achieve its strategic objective of increasing the Fund’s allocation to central business district offi ce assets as it reduces its suburban offi ce weighting. Th e 45-story building has excellent access to public transportation; is a short walk to restaurants...

IN SEPTEMBER, MEPT ACQUIRED PENN MAR SHOPPING CENTER FOR A GROSS PURCHASE PRICE OF $60.2 MILLION
Penn Mar Shopping Center, a 387,028 square foot grocery-anchored center, is located in a densely populated submarket of Washington, D.C., which has solid demographics. Th e retail asset is 95 percent leased to a mix of discount and convenience retailers. Anchored by Shoppers Food & Pharmacy, Penn Mar Shopping Center’s other retailers include Burlington Coat Factory, Dollar Tree, Staples, Party City and Petco...

MEPT ACQUIRED ENSO PEARL DISTRICT IN PORTLAND, OREGON DURING THE QUARTER FOR A GROSS PURCHASE PRICE OF $55.5 MILLION
The acquisition of Enso Pearl District furthers MEPT’s strategic plan to acquire transit-oriented, multi-family assets in urban, infi ll locations that are attractive to the “Echo Boom” population. Enso Pearl District’s unit mix is weighted to studio and one-bedroom units, which fi ts well with this demographic...


MEPT Pays $218M for Chicago's 200 W. Madison
Multi-Employer Property Trust has purchased of 200 W. Madison, a 928,040-square-foot class A office building in Chicago's West Loop neighborhood, for $217.5 million…

BVT Sells 10 Southeast Centers
BVT Management Service Inc. finalized the sale of an 842,255 square foot retail portfolio to Multi-Employer Property Trust, a $4.7 billion real estate equity fund…

Deluxe Media Leases 229,000 SF for Logistics
Deluxe Media Management has leased a 229,450-square-foot industrial building at Vista Business Park in Valencia here from Multi-Employer Property Trust in what is believed to be the largest industrial building lease in the Santa Clarita/San Fernando Valley area this year.

 

Union Labor Requirement

MEPT uses 100% union labor for all new construction, renovation or rehabilitation, and tenant improvements. Specifically, MEPT's contractor policy is as follows:

i. As has been the policy since MEPT's inception in 1982, all on-site construction work controlled by, and/or paid for, by MEPT shall be performed by contractors a) that are a party to, or bound by, a collective bargaining agreement applicable to the geographic area in which the project is located, applicable to the trade or trades in which the work under the contract is to be performed, and entered with one or more labor organizations affiliated with the Building and Construction Trade Department of the AFL-CIO, or with an independent, nationally recognized labor organization, or one of its affiliated locals; b) that solely employ members of such labor organizations to perform work within their respective jurisdictions; and, c) that require each subcontractor of every tier who performs any work on the project to comply with a) and b).

ii. All office building custodial work controlled by, and/or paid for, by MEPT shall continue to be performed by cleaning contractors that are a party to a collective bargaining agreement. In markets where there are no such contractors, MEPT shall use cleaning contractors that provide the prevailing standard in wages and benefits, and that demonstrate a respect for labor, local, and national laws.

iii. MEPT will continue to make available to union leaders the names of its construction, third-party building systems maintenance service contractors, and custodial contractors, when their engagement is controlled by, and/or paid for, by MEPT.

iv. It is MEPT's policy to utilize Union stationary engineers on MEPT properties, or to mandate that a card check program be encouraged, at the very least.

v. MEPT will continue to make its Contractor Policy known to its development and property management providers.


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