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Port Buying WTC Building

TACOMA, WA-The approval means the Port of Tacoma will begin its due diligence period en route to acquiring the multi-tenant, 59,000-sf (net rentable) World Trade Center building here for just under $7 million. The sale is expected to close in early 2003.

By Gina Binole | Updated on November 10, 2002

TACOMA, WA-Port of Tacoma Commissioners on Thursday night authorized the execution of a purchase and sale agreement to acquire the multi-tenant World Trade Center building here for just under $7 million.

The approval begins the Port’s due diligence period. Assuming no deal killers lurk under the surface, the sale should close in late January or early February, the Port’s Director of Real Estate Bob Emerson tells GlobeSt.com.

The WTC building, which may not retain its name for long, would be the Port’s first multi-tenant office building. The port owns the land beneath the building, says Emerson, and master leases about 20,000 sf in the building. It occupies about 2,000 sf for meeting rooms and commission chambers and subleases the rest to SL Service Inc., a subsidiary of shipping company CSX Lines.

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