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State signs $2.7 million agreement on sale of Olympia building - 04/04/2013

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Enterprise Services has signed a contract with a private developer to sell the state-owned 600 Franklin Street building in downtown Olympia, which formerly housed the Department of Personnel.

The developer, Walker John of Olympia, has offered $2.7 million for the two-story building, which was built in 1951 and renovated in 1998. The state put the 26,792-square-foot building up for sale in January, with a $2.85 million asking price.

The developer is currently conducting a due diligence investigation, a standard step prior to finalizing a purchase agreement. The sale is scheduled to close on or before June 30, 2013.

Walker John was involved in the purchase and 2012 renovation of the Cunningham Building, a two-story structure built in 1896 at Fourth Avenue and Adams Street in downtown Olympia.

The Department of Personnel moved out of the 600 Franklin Street building in summer 2011 in preparation for its consolidation with other state agencies into the Department of Enterprise Services. Once vacated, the building was placed on the state’s surplus list and marketed for sale.

It is one of several state-owned buildings that former Gov. Chris Gregoire identified in December 2010 as surplus, with the goal of selling these properties at market value with proceeds going to the state’s general fund.

The state bought the building in 1983. It once housed a Sears store, and includes a parking lot with 119 stalls, currently leased by employees of the Office of Superintendent of Public Instruction.

Among its duties, Enterprise Services manages real estate transactions on behalf of state government.

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Published

4/4/2013

Expires

4/4/2016

News Category

Facilities & Leasing

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Created at 4/4/2013 3:37 PM by System Account
Last modified at 5/1/2013 7:53 AM by System Account