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125,000-SF Washington Building Sells for Nearly $10M

TACOMA, WA-Local property owner Herb Simon sells the 17-story CBD office building in the CBD here to the Strafford Co. LLC, another local investor that also recently purchased the old City Hall building.

By Brian K. Miller | Updated on August 04, 2005

TACOMA, WA-The 17-story, 125,000-sf Washington Building in the CBD here has changed hands for $9.6 million. In an off-market deal, an LLC that includes prominent local property owner Herb Simon sold the landmark the 1925 terra cotta office building to the Strafford Co. LLC, another local investor that also recently purchased the old City Hall building.The Washington Building is located at 1019 Pacific Ave. on the corner of Pacific Street and 11th Street Downtown. The building is 94% leased, with 34% of the space leased long term to the state Attorney General’s office. The ground-floor restaurant, the Vault, occupies another 14% of the building and also is under a long-term commitment. The remaining space is occupied with smaller tenants on shorter term leases. The going full-service lease rate for class B space in the city ranges from $16 to $18 depending on whether it’s view space or not. Kim Marvik, vice president of Colliers International in Tacoma, sourced the opportunity to purchase the property and then showed the opportunity to Strafford, whom she ultimately represented. She was assisted by Colliers sales associate Dominic Accetturo. “We just inquired whether he’d be interested in selling and I was referred to the Strafford Group as a potential investor and just put it together that way,” she tells GlobeSt.com.Office vacancy in the 3.74-million-sf Downtown submarket fell from 12.1% at the end of the first quarter to 7.11% at the end of June on 139,000 sf of net absorption, according to Colliers’ latest market report. Vacancy in class B office properties is 8%. Vacancy in class A is 5.3%.”Our Downtown market is thriving; there’s very little space,” Marvik says. “There are some proposals on the table for new buildings.”

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