X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BELLEVUE, WA-If OK’d by the board today, the Master Builders Association of King and Snohomish counties could close on a deal to purchase the City University building by the end of this month.

Sam Anderson, the association’s executive director tells GlobeSt.com the group has been looking for larger facilities for the last few years. The group’s current building, in the Bellewood Office Park, totals 7,600 sf.

“When we bought this building, we had 800 members and a staff of eight,” Anderson says. “Today we have a membership of 3,000 and a staff of 25.”

Asking price for the City University building located at 335 116th Ave. SE, is $5 million. It would provide 32,400 sf of office space. Anderson says the association would use about 22,000 sf of that and lease the remaining office space to other tenants.

The three-story City University building is located just a few miles from Bellewood Office Park, which was particularly attractive to the group who hoped to stay in the area. Anderson says he can’t say for sure the board will OK the purchase, but the group did form a committee two years ago charged with identifying the group’s needs and relocation possibilities.

“Part of the debate the association has had is the state of the economy. Do we want to do something like this now? And on the other hand, do we not want to take advantage of today’s market and buy,” Anderson says. “I’m sure we’ll be hearing all sides.”

If the purchase of the City University building is approved, Anderson says the association will list its current headquarters for $1.6 million. Although the group previously had explored other options, he said the CU building is the only one on the table at this time.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.