Centennial I & II
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Centennial I & II
2 Office Properties Offered at $48,400,000 in Tacoma, WA
Investment Highlights
- Mission Critical, Irreplaceable Location
- Long Term Anchor Tenant Commitment
- Credit Back Cash Flow Provides Attractive Stability
Executive Summary
Newmark, as an exclusive advisor, is pleased to present the exceptional opportunity to acquire the fee-simple interest in Centennial I & II (the Property), a two-building, 235,827 square-foot office campus housing the largest contiguous State of Washington (AAA Moody’s) tenancy in the entire state.
Located in Tacoma, one of the Puget Sound’s tightest vacancy submarkets, the Property is 100% leased with a remaining WALT of 4.8 years. Centennial I & II have been leased to the State of Washington for the last 37 years, with the State of Washington’s largest agency, the Department of Social and Health Services (“DSHS”), accounting for 79% of the rentable squarefootage. Their 186,923 SF lease, the largest State office lease in Washington, houses a multitude of critical social support functions including the Department of Aging and Long-Term Support Administration (ALTSA), the Economic Services Administration, Tacoma’s sole Child Support Office, as well as its integral Community Services Office.
IF YOU WOULD LIKE TO RECEIVE THE OFFERING MATERIALS, PLEASE FILL OUT AND SUBMIT THE CONFIDENTIALITY AGREEMENT IN THE ATTACHMENT SECTION OF THIS WEBSITE.
Located in Tacoma, one of the Puget Sound’s tightest vacancy submarkets, the Property is 100% leased with a remaining WALT of 4.8 years. Centennial I & II have been leased to the State of Washington for the last 37 years, with the State of Washington’s largest agency, the Department of Social and Health Services (“DSHS”), accounting for 79% of the rentable squarefootage. Their 186,923 SF lease, the largest State office lease in Washington, houses a multitude of critical social support functions including the Department of Aging and Long-Term Support Administration (ALTSA), the Economic Services Administration, Tacoma’s sole Child Support Office, as well as its integral Community Services Office.
IF YOU WOULD LIKE TO RECEIVE THE OFFERING MATERIALS, PLEASE FILL OUT AND SUBMIT THE CONFIDENTIALITY AGREEMENT IN THE ATTACHMENT SECTION OF THIS WEBSITE.
Property Facts
| Price | $48,400,000 | Number of Properties | 2 |
| Price / SF | $202.57 / SF | Individually For Sale | 0 |
| Cap Rate | 8.75% | Total Building Size | 238,926 SF |
| Sale Type | Investment | Total Land Area | 12.02 AC |
| Status | Under Contract |
| Price | $48,400,000 |
| Price / SF | $202.57 / SF |
| Cap Rate | 8.75% |
| Sale Type | Investment |
| Status | Under Contract |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 238,926 SF |
| Total Land Area | 12.02 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Centennial Place II
2121 S State St, Tacoma, WA 98405 |
Office | 86,000 SF | 1986 | - |
|
Centennial Place I
1949 S State St, Tacoma, WA 98405 |
Office | 152,926 SF | 1986 | - |
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Centennial I & II
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