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BOISIE, ID-Spieker Properties, a West Coast REIT with 40 million sf of office and industrial properties, is selling the Key Financial Center in downtown Boise for $13.975 million. The 89,903-sf mid-rise at 702 Idaho Street is being purchased by Capitol View LLC. The buyer is raising $4.625 million in equity through a private placement offering, and financing of $9.15 million has been committed by Archon Financial in Dallas.

Built in 1969, the 12-story class A office tower has an adjacent 5-story parking garage and is situated across from the Idaho State Capitol. Now 100% occupied, key tenants include Key Bank and the Boise office of Seattle-based law firm Perkins Coie. Rates range from $18.50 to $20/sf full service gross.

Capital View is a joint venture between Base Capital LLC of Bellevue WA and Western Realty Advisors Inc. of Boise. “The Key Financial Center was Spieker’s only major real estate holding in Boise,” says H. Thomas Wick, managing member of Base Capital. “It didn’t really fit their property profile of major-city west coast properties.”

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