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Service Employees Local 32BJ, District 36 Building Operators
Service Employees Local 32BJ, District 36 Building Operators is the Philadelphia-based pension arm of the broader SEIU Local 32BJ. It is a Taft-Hartley...
Service Employees Local 32BJ, District 36 Building Operators
Service Employees Local 32BJ, District 36 Building Operators is the Philadelphia-based pension arm of the broader SEIU Local 32BJ. It is a Taft-Hartley multiemployer plan, meaning its assets are built from contributions by employers — principally commercial building operators and cleaning contractors — who are party to collective bargaining agreements with the union. Manny Pastreich, the union's president, and Gabe Morgan, its Pennsylvania/Delaware director, sit as trustees. Wayne MacManiman serves as plan administrator. The fund is heavily concentrated in direct real estate. Its portfolio splits between core commercial holdings and a dedicated healthcare real estate allocation, both focused on North America. This is not a diversified endowment model; it reflects a buyout-oriented strategy within property markets the union knows intimately — offices, healthcare facilities, and mixed-use assets in dense urban corridors where 32BJ members work. A remainder of portfolio liquidity sits in cash and equivalents managed from Philadelphia. The plan operates through relationships deeply embedded in Philadelphia's commercial real estate ecosystem. Building Operators Labor Relations (BOLR), the employer association on the other side of the bargaining table, functions as a business partner. The fund also participates in the Building Owners and Managers Association of Philadelphia, creating a tight loop between the pension's investment team, the union's employer counterparts, and the local property management industry. Trustee and administrator roles overlap with the union's own district leadership. The structure is unusual because it collapses the principal-agent gap typical in institutional real estate investing. The trustees who oversee the pension's property portfolio also negotiate the labor contracts that determine building operating costs in the same market. This gives the fund an embedded, non-market source of intelligence on asset quality, tenant stability, and building-level economics that is rare among peer pension plans. Succession and governance track union leadership cycles rather than typical investment committee rotations.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Philadelphia
Corporate office
Philadelphia, PA, United States
Principals
Manny Pastreich
Trustee, President of SEIU Local 32BJ
Gabe Morgan
Trustee, Executive Vice President and PA/DE State Director for SEIU Local 32BJ
Wayne MacManiman
Plan Administrator, Mid-Atlantic District Director for Local 32BJ
Sector focus
Frequently asked questions
What type of pension fund is the District 36 plan?
It is a Taft-Hartley multiemployer pension fund. Assets come from contributions negotiated between SEIU Local 32BJ and participating employers, primarily building owners and service contractors in the Philadelphia region. The plan is governed by a board of trustees split between union and employer representatives.
How does the fund invest its assets?
The portfolio is concentrated in direct real estate, split between a core commercial portfolio and a healthcare real estate portfolio, both in North America. The strategy noted in its filings is buyout-oriented. A portion remains in cash and equivalents for liquidity.
Who makes investment decisions for the plan?
A board of trustees oversees investments. Named trustees include Manny Pastreich, president of SEIU Local 32BJ, and Gabe Morgan, the union's Pennsylvania and Delaware state director. Wayne MacManiman, the Mid-Atlantic District Director, functions as plan administrator. Investment management details beyond this trustee structure are not publicly disclosed.
How does the Building Operators Labor Relations organization relate to the fund?
Building Operators Labor Relations is the multiemployer bargaining association representing the contributing employers. It serves as a business partner to the pension fund and collectively bargains the contracts that set the contribution rates funding the plan. The fund and BOLR are structurally linked through the Taft-Hartley framework.
Does the fund make commitments to external private equity or real estate managers, or does it invest directly?
The limited public record indicates a direct investment posture, particularly in real estate, rather than a fund-of-funds approach. Its existing assets include named core commercial and healthcare real estate portfolios held directly in North America. No external manager commitments have been identified in publicly available filings.
What is the relationship between this District 36 plan and the larger SEIU Local 32BJ?
District 36 is a regional division of SEIU Local 32BJ, which represents property service workers across the East Coast. The pension fund's trustees and administrator are drawn from Local 32BJ's district leadership, and the plan covers building operators in the union's Philadelphia jurisdiction. It is not a separately incorporated entity.
Where does the fund's capital originate?
Capital originates from employer contributions required under collective bargaining agreements. Building owners and service contractors who employ 32BJ members in Philadelphia contribute to the pension, making the fund structurally tied to the local commercial real estate labor market.
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