"The Embassy of Portugal owns it and we are now their tenants," BPW/USA CEO Jane Smith tells GlobeSt.com. Riggs Bank financed the loan for the Embassy of Portugal, which will likely hold on to its current headquarters at 2125 Kalorama Rd. to use for other purposes. BPW/USA will stay in the Embassy Row-area building--which it has called home since 1956--free of charge until Aug. 15, when it will move to a yet-to-be-determined location. The structure is one of Washington's grand old converted homes. Once known as the Joseph Beale House, it was built in 1897 and designed by architect Glenn Brown. BPW/USA temporarily vacated the headquarters in 1989 when the building underwent a major refurbishing.

Smith says BPW/USA hopes to find suitable space in the District. However, members will take along reminders to their new home, including brick pavers that could be used in the entry of a new building, as well as etched glass and a fireplace. Explaining the choice to relocate after more than half a century at 2012 Massachusetts Ave., BPW/USA President Leslie Wilkins told members "several years of financial review led to this strategic leadership decision to take steps to realign this asset--our largest asset--to directly serve our mission and vision."