Centennial I & II

Location: Tacoma, WA
Type: Office
Price: $32,700,000

SMC has provided a $32,700,000, ten-year interest-only mortgage for the acquisition of Centennial I & II. The Property is located one mile west of downtown Tacoma, Washington and is comprised of two low rise office buildings totaling 235,661 square feet. Completed in 1986, the Property’s two buildings were initially constructed as a build-to-suit for the State of Washington, which continues to occupy 88% of the square footage at the Property. The State of Washington has a weighted average lease term of approximately 9.5-years and holds a credit rating of Aa1, AA+, and AA+ by Moody’s, S&P and Fitch, respectively.