Metropolitan Mortgage CFO William Smith did not return a phone call seeking comment. Local sources tell GlobeSt.com the company paid about $11.7 million in cash for the 175,000-sf structure in 1997.
The rectangular building was built in the late 1970s and has 10,000-sf floor plates. When Metropolitan Mortgage had some 700 employees several years ago, it occupied most of the building. Now that it's down to about 150, the building sits half empty.
Local commercial real estate broker Dave Black tells GlobeSt.com the building is one of a handful of Downtown class A office buildings and, despite its age, is the youngest high rise in the city. "It has good building systems and would be a great building for a user because of the vacant space," says Black. "From an investor standpoint, it also could be a great property, depending upon the price at which it could be obtained."
Local appraiser Scott Auble tells GlobeSt.com that some of the potential drawbacks to the rectangular building are that two of its four sides, its east and west ends, are windowless concrete walls. Additionally, he says the building is split in two, with half of each floor accessed by an elevator bank at one end of the building and the other half served by a bank of elevators at the other end of the building. Finally, he says the building has very little parking.
"If the building was well occupied, it would generate incredible investor demand," says Auble. "The problem is at this moment we don't know how leased it is; we don't know how many floors (Metropolitan Mortgage) would lease back, if any."
In addition to the Metropolitan Financial Center, Metropolitan Mortgage also is planning to sell the Metropolitan Performing Arts Theater in Downtown Spokane and possibly several other properties, including its 70-acre Summit property and a new building leased to a nightclub operator.
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