Mark Clirehugh and Bill Frame of the Tacoma office of Kidder Mathews & Segner are marketing the property for the REIT, and say they are currently negotiating with several prospective buyers. Clirehugh describes Spieker's motivation for the sales as "a redistribution of assets."

The ABAM Building can be purchased separately, or as part of a $16 million package deal with two other Spieker office properties here: the 12,800-sf Kennedy Jenks Building at 530 SS. 336th and the 48,556-sf Washington Park at 33801 First Way S. The Washington Park property comes with an adjacent 110,000-sf building lot.

Due to the ongoing negotiations, Clirehugh declined to discuss the individual prices on the other properties. Records provided by First American Title Co. show Spieker paid $4,925,000 million for the ABAM property in December 1997. Key tenants include ABAM Engineers and Weyerhaeuser. Clirehugh says rental rates in the building average $17.50/sf full service, with rates in Federal Way ranging from $17/sf to $21/sf. Marketing material on the property says the sales price reflects a cap rate of 9%.