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Major Central Washington Office Product on the Market for $17.15 Mil

RICHLAND, WA-Owners of the two-building, 189,455-sf Tri-City Professional Center are betting an anticipated boon from a $10 billion to $15 billion Hanford project will help them unload the property they have owned for well over a decade.

By Janet Parker | Updated on January 17, 2001

RICHLAND, WA-Two of the three largest office buildings in the central business district here are on the market as their owner tries to take advantage of an anticipated upswing in the local economy. The asking price for the mid-rise buildings of the Tri-City Professional Center, with a combined square footage of 189,455 sf, is $17.15 million. Richland Office Building Partners, a California general partnership, paid $6 million for the property in December 1989.

E. A. Morse, director of commercial sales for the Kennewick office of Coldwell Banker Commercial, has held the listing for the property for the past 14 months, but tells GlobeSt.com he expects his luck to change. Morse says a massive new project at the Hanford nuclear site is about to get underway and trigger a boon for the Tri-Cities area, which includes the cities of Kennewick, Richland and Pasco.

With an estimated cost between $10 billion and $15 billion, Hanford will soon begin construction of a waste vitrification plant to convert the site’s highly-contaminated liquid nuclear waste to a more easily disposed solid material. The project, expected to last nearly seven years, will result in 3,500 jobs this year alone. Moreover, says Morse, for each new hire at Hanford, the Tri-Cities has historically added 1.25 jobs to its community in support of those working at the nuclear site.

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