By CARA LORELLO
Staff Reporter
Last month, Portland-based Real Estate Advisory Services Inc. purchased Eastern Washington University's Spokane Higher Education Center for $3.4 with plans to retenant the building as soon as the university moves out, according to a recent news release from the company.
Director Kerry Bates said Real Estate Advisory Services Inc. is currently assessing its best options for new tenants to fill the 50,000-square foot building, located at 705 W. 1st Ave in downtown Spokane, which the university purchased for $3 million from Farm Credit Bank in the early 1980s.
Spokane architectural firm Integrus designed the building, the layout for which, Bates said, is already well suited for bank branches and other office-type businesses.
“I think it's a great building, very well built,” he said. “It's exterior granite slabs were shipped to Spokane in the late 1960s from the Sardinia island [near Italy]. The interior's slate floors were also shipped in.”
The location, Bates added, is also advantageous given its close proximity to the concentrated mix of businesses and newer developments that make up downtown Spokane.
“With the number of banks in Spokane, it's a pretty good location to be in,” Bates said.
“Spokane has a vibrant market. I am impressed with the mix of office, retail, hotel and condominium development that is occurring. Downtown Spokane will probably look a lot different in a few years, and that will be positive for the community and for property owners,” he added.
Tim Redfern of R.H. Cook & Associates is currently handling the building leasing and management. While the company has yet to start leasing, Bates said there are currently groups in the market who've expressed interest in leasing space.
Since 1983, key programs occupying the Spokane Center included journalism, creative writing, and alcohol and drug studies and the EWU Press.
The state Legislature granted permission to the university last year to sell the Spokane Center and use its proceeds to fund pre-design work on a new facility for its Riverpoint campus, located east of downtown Spokane. The sale is a step forward in the university's ongoing efforts to enhance EWU's presence in Spokane through expansion of its current and collaborative academic programs at the Riverpoint campus, which EWU shares jointly with Washington State University.
The campus, dedicated in 1996, houses many of the university's health science, business and public administration programs.
Plans to further develop and promote this area as a city “U district” in recent years have likely contributed to the growth of the campus and its education programs. Recent additions include a new academic building for WSU, and a soon-to-be constructed nursing school.
“The construction of a new Riverpoint building will help establish Eastern as a solid community partner, as well as strengthen our commitment to our health science programs,” EWU President Rodolfo Arevalo said in a recent press release.
The university is currently leasing spaces at Riverpoint to house its Spokane Center classes and about 1,000 students displaced by the sale for fall quarter. Some academic programs have relocated to Cheney.
Cara Lorello can be reached at [email protected]
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