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City's Tallest Commercial Building Trades Hands

BREMERTON, WA-For about $99 per sf, a Los Angeles-based investment group acquires 500 Pacific, a seven-story Downtown office building here that is 60% leased. The seller was Washington Mutual.

By Brian K. Miller | Updated on February 22, 2005

BREMERTON, WA-This city’s tallest commercial building, 500 Pacific Ave., has changed hands for $99.13 per sf, or slightly more than $5.7 million, according to local sources. The seven-story, 58,000-sf building is 60% leased. The seller was Washington Mutual. The new owner is Bremerton Capital Group LLC, a Los Angeles-based investor. Tenants in the building include Washington Mutual Bank, the State Department of Labor and Industries and Amsec LLC. Washington Mutual leases ground-floor retail space as well as office space. Amsec is a business partnership between Science Applications International Corp. and Newport News Shipbuilding that provides architecture, engineering and other services to the Navy and commercial maritime industry. Holiday Fenoglio Fowler directors Mark Wintner and Peter Smyslowski sourced $4.79 million in financing for acquisition and lease-up of the building. The two-year, adjustable rate loan was funded by Wells Fargo Real Estate Group.Wintner tells GlobeSt.com the transaction includes two surface parking lots with 106 spaces each, located north of the building off 6th Street on Highland and Pleasant avenues, as well as an 88-car covered parking garage. Half of the two-story garage belongs to the state, he says.Bremerton Capital Group is a California-registered LLC. The agent for the company is Peter Cohen of 1875 Century Park East, Suite 700 in Los Angeles.

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