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1501 Market Street

Updated Dec 4, 2024

Pierce County Acquires Office Building On Market Street In Tacoma For $27.3M
SOLDOffice

Pierce County Acquires Office Building On Market Street In Tacoma For $27.3M

1501 Market Street

$27,271,000

$182/SF

Building Size

149,330 SF

Asset Type

Office

Closing

Sep 28, 2023

About this deal

AI

Pierce County has acquired an office building located at 1501 Market Street in Tacoma, WA for $27.3 million. The property, spanning 149,330 square feet, was purchased as part of Pierce County's Justice Center and Space Planning Study initiative. The transaction was facilitated by Lee & Associates, who represented the buyer, Bruce Dammeier - Pierce County. The seller in the deal was Regence BlueShield.

Summary of Transaction Details

  • Property Type: Office
  • Transaction Amount: $27,271,000
  • Address: 1501 Market Street, Tacoma, WA
  • Market: Tacoma, WA
  • Square Footage: 149,330
  • Price per Square Foot: $183
  • Buyer's Representative: Bruce Dammeier - Pierce County
  • Seller: Regence BlueShield
  • Broker: Lee & Associates

This acquisition is part of Pierce County's effort to improve service delivery and public access through the Justice Center and Space Planning Study initiative. The downtown Tacoma office building will contribute to the county's objectives in enhancing its operations and providing better services to the community.

Players

Tacoma Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $182 per square foot on a published $27.3M for 149,330 square feet (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.58%

Cash-on-Cash

-0.17%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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