Evening star., 1925-07-26
RISK CONCERN BUYS
HOME OFFICE SITE
viii Erect 100000 Build
ing Near Capitol and
Union Station Plaza.

Purchase Of acres of valuable
business property within the shadow
OF the United States Capitol at a
cash consideration Of approximately
100000 was announced last night by
the Acacia Mutual Life Association.
The transaction is said to have been
the largest recorded in Washington
realty circles in recent years.
The property includes all Of
squares 631 and 573, except for a few
houses on the latter. 1t is bounded by
New Jersey avenue, c and D streets,
and will provide frontage from New
Jersey avenue and c street to Second
street and Indiana avenue.
VIII House Employees.
On a portion of this large site, which
houses two landmarks-the old
Thomas w. Smith lumber yard and
the Gait -four mills-Will rise a ST.
100000 building, monumental in char
acter, which will be used as a home
office for the association. The re
mainder Of that in square 573 will be
improved with apartment buildings
and recreational grounds for the 900
home Office employees. These apart
ments. according to William Mont
gomery, president Of the association,
will be rented to the employees at a
rental designed TO give a fair return
on the investment.
Buildings on both squares, save
two on the corner of New Jersey ave
nue. and D street, will be demolished
Immediately, and on the northwest
corner of Indiana avenue and First
street the company will begin the
construction of a siX-story building
for its exclusive use. 1t will occupy
this building until the new home Of
fee is erected. The temporary office
building will be so constructed that
it can be readily converted into an
apartment house. II will have a roof
garden, cafeteria exclusively for the
employees, shower baths, bowling al
leys and other recreational facilities.
Fronts Capitol Grounds.
President Montgomery pointed out
that the permanent Office building
will be constructed just as soon as
the company can determine the size
and character. The association is
growing so fast, he said, that il IS
difficult to estimate the needs for the
future.
Under the act of 1913 providing for
the condemnation of the land for a
plaza from the Union Station to tho
Capitol an avenue is to be opened
160 feet wide from Peace Monument
at the foot of the Capitol to the rail-
road terminal. This. will give the
company's main building a frontage
on two sides of the Capitol grounds.
In deciding to locate its permanent
home on these squares" said Presi-
dent Montgomery, the company con-
sidered not alone its advantages for
the use of the company's business
and the convenience of transporta-
ton for its employees, but also how il
could assist in the Improvement of
the city in connection with the recent
acts of Congress passed for that pur-
pose. The improvements contem-
plated by the company will be Of such
a character that they will be a proper
setting to the improvements provided
for by the acts Of Congress. The
erection of these buildings in that
neighborhood will not only create a
new center in Washington that has
been neglected for a long time, but
will result in the elimina ton of many
of the unsightly buildings in the neigh
borhood of the Capitol, about which
there has been so much discussion.
Solves Parking Problem.
This company has about so branch
offices scattered all over the country.
and a large percentage of its business
is conducted through these branches
II. therefore, did not need a down
town neighborhood for the transaction
Of its business, and desired TO be
convenient to the main post Office and
the Union Station. Locating in this
section. it believes 1t has solved the
parking problem for a long time for
those who come to the Office to do
business with it
The company's home ONCE is now
located in cramped quarters in the
Homer Building. The tremendous
growth of the association in the last
few years is shown by the annual re-
port OF President Montgomery. It has
at present about $500 900, 900 of in.
surance in force and more than S1j,-
900 900 in assets.
The entire transaction was handled
by the office of Thomas Z. farrell.
The finance committee, which han
died the matter for the board of di-
rectors of the association was COM
posed Of President Montgomery, Leon
ard F. Steuart, L. Whiting Estes and
Arthur D. Marks.