TACOMA, WA (July 7, 2025) —A downtown Tacoma office building has sold in the first office transaction of more than $2 million in the city this year, Pierce County records show.

The 28,460-square-foot building at 1142 Broadway traded in an off-market transaction in mid-June for $2.7 million, 30% below its assessed value of $3.9 million.

Lee & Associates brokers Harrison Laird and John Bauder represented the buyer.

The three-story, 1916 building "is an investment property for the new ownership group,” Laird said.

"Uncertainty due to frequent and unpredictable national-level policy changes have overshadowed the positive sentiments in the market, resulting in more recessionary strategies,” Laird said. “Companies and investors are using extreme caution, remaining focused on their core competencies and strategic investments. This uncertainty has extended anticipated office vacancy trajectories both higher and longer with a peak expected in mid-2026.”

Owner-users and value-add buyers are still active in the market but cautious, he said.

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Lee & Associates is North America’s largest broker owned commercial real estate services organization. Established in 1979, Lee is comprised of more than 1,750 professionals and serves its customers from 80 strategic offices throughout the United States and Canada. Lee’s highly skilled team of brokers specializes in leasing and/or sales of virtually all commercial real estate service lines including office, industrial, retail, multi-family, land, investment services and corporate solutions. Through its team of partners, Lee also provides its customers with integrated property management and debt and equity finance services. For more information, visit www.lee-associates.com/.