Relocating its corporate headquarters to Philadelphia, the American Bible Society (ABS), a longtime institution at 1865 Broadway, has sold its West Side property for $300 million to AvalonBay Communities Inc. The nonprofit group is merging its New York City and Valley Forge, Pa., offices and has leased 100,000 square feet at 401 Market St., in Philadelphia’s historic section.
“The 1865 Broadway property has served us well for nearly 50 years. The decision to sell the property was made to unlock the value of the site to further the mission of American Bible Society,” board chairman Nick Athens said in a statement. The ministry will maintain a presence in Manhattan but a location has yet to be determined.
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