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TACOMA-Elman Centennial Associates LP, a holding company for New York’s Elman Investments, has acquired two fully leased office buildings in Tacoma for approximately $36.5 million.

The investment group bought 1949 and 2121 S. State St. from Vine Street Associates LLC. The deal was negotiated at a 9% cap rate.

The 1949 S. State St. property is a three-story, 153,000-sf building, while the 2121 S State St. property is a four-story, 60,500-sf building. Washington State’s Department of Social & Health Services leases both buildings. Don Morioka of CB Richard Ellis negotiated the sale on behalf of both parties.

According to city officials, the Tacoma market is drawing a lot of interest from investors, who are attracted to the city’s strong pool of talent, high quality of life and low cost of living, which is significantly less than neighboring cities like Seattle.

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