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Red Cross Selling Building For $315.5 Million

March 06, 2017 / MARK HRYWNA

The American Red Cross has begun the process of selling its building on E Street in Washington, D.C., transferring staff to other facilities. The first portion of the sale closed on Jan. 18 with $85.6 million in revenue to be recorded for the current fiscal year, which ends June 30, according to Mindy Mizell, a spokeswoman for the American Red Cross. The remainder of the building will be sold in sections over time, she said. Some of the revenue will be used to offset pension liability and some will go to support nationwide humanitarian services.