Kidder Mathews’ Ben Norbe, Will Frame, and Drew Frame represented Kirkland-based MJR Development in purchasing the Tacoma Financial Building for $41.25 million. The building is located in the heart of downtown at 1145 Broadway Plaza and comprises approximately 200,000 square feet. At 15 stories, it is one of Tacoma’s tallest office towers.
This is MJR’s first foray into the Tacoma market, now part of the 1.8 million square feet of office space the firm owns across the Puget Sound region. The Tacoma Financial Building had not been sold since 2003, when it changed hands for $16.75 million. MJR is planning a full renovation with best-in-class amenities, including a coffee/wine bar, meeting spaces, and a gym.
“The cost of living in Pierce County is far more affordable than Seattle/Bellevue and this has caused a surge in housing to be built in Pierce County, with many projects surrounding downtown,” said MJR President Mike Raskin. “Large Seattle- and Bellevue-based employers have pinged Tacoma as a market where they would like to open a satellite office for their employees that live in Pierce County.”
About MJR Development
MJR Development is a commercial real estate development firm that provides Class A satellite workspaces from Lynnwood to Olympia, Washington. The properties are strategically located near the I-5 corridor, allowing easy access to freeways and transit. Urban-style amenities are available on campus, while extended amenities are a short walk away. MJR owns 1.8 million square feet of office space in the Puget Sound region. For more information, visit mjrdevelopment.com.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages 64 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.