A downtown Tacoma office building has been sold in the first office transaction of more than $2 million in the city this year. The 28,460-square-foot building at 1142 Broadway traded in an off-market transaction in mid-June for $2.7 million, 30% below its assessed value of $3.9 million.

Lee & Associates brokers Harrison Laird and John Bauder represented the buyer. The three-story, 1916 building “is an investment property for the new ownership group,” Laird said. “Companies and investors are using extreme caution, remaining focused on their core competencies and strategic investments. This uncertainty has extended anticipated office vacancy trajectories both higher and longer with a peak expected in mid-2026.”

The four-story office building spans 32,000 square feet and is surrounded by a variety of dining, retail and cultural amenities. The property is in close proximity to the Convention Center, museums, theaters, and the University of Washington Tacoma campus.