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Seattle: DSHS Buildings Sell for $41.25M
By: Laura Hurley
NGP Centennial Tacoma LLC purchased the Department of Social and Health Services buildings located at 1949 and 2121 S. State St. in Tacoma. Elman Centennial Associates LP sold the buildings for $41.25 million, or $173 per square foot. The property sold with an 8% cap rate.
The building at 2121 South State St. is 4 stories and 85,549 square feet of rentable space. The second building, located at 1949 South State St., is 3 stories high with 153,000 square feet of space. Together, the two buildings sit on approximately 12 acres of land in the Tacoma suburban submarket.
Don Morioka of CB Richard Ellis represented both sides.
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