Seattle & Northwest + Seattle + Office | August 9, 2023

Tacoma’s One Pacific Building Sells to Investor for $7M

Tacoma’s 133-year-old One Pacific Building has sold to a Seattle-based investor for $7 million, reported the Puget Sound Business Journal.

According to records obtained by the outlet, Neighborhood Development Corp. bought the property from an entity based in Bellevue, which acquired the property in 2005 for $3.7 million, according to county records. Marcus & Millichap’s Brian Leibsohn and RJ Vara represented the sellers in the sale.

The building originally went on the market earlier this year for $7.6 million. Previously, it had been listed for $9.5 million in 2022. Built in 1888, the building once served as the headquarters of the Northern Pacific Railway’s Tacoma division. The property was added to Tacoma’s Register of Historic Places in 1975.

Tacoma’s Central Business District office vacancy rate was 12.6% in the second quarter, according to a report by Kidder Mathews. The availability rate — which includes occupied properties that are on the market — is even higher at 16.2%.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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