Historic Office Tower in Tacoma to be Converted to Residential Use

The Puget Sound Business Journal reports that InterUrban Development, a historic renovation developer based in Spokane, has purchased a 16-story office tower at 1119 Pacific Ave in downtown Tacoma.  Simon Johnson LLC was the seller, and Kidder Matthews was the broker.  

The building, constructed in 1912, was the tallest in the state until the Smith Tower was completed in 1914.  
At the time of the listing, the tower was 42% occupied, at a ~25% discount to market rents.  The sale price was $6.5M, $2M below the $8.5M list price.  InterUrban plans to convert the current 87,564 rentable square feet of office space into 60 residential units.