Washington Federal buys building

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On January 22nd, 2019

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Washington Federal buys building

Seattle-based Washington Federal has purchased a nearly 100,000-square-foot building within the Boise Research Park to expand its operational presence in the Treasure Valley and the state of Idaho, the bank announced.

In a Jan. 8 news release, the company said it acquired the property in Boise from Hopkins Real Estate Investments for $15.2 million. The deal closed Dec. 21., an online retailer specializing in dietary, sports and bodybuilding supplements, will remain a tenant in 54,000 square feet of the building.

Washington Federal, which has 24 branches in Idaho, will move some of its existing staff members from downtown Boise to the new digs at 5777 N. Meeker Ave.

“We’re packed full at our Boise Main location where we set up our second IT hub last year,” said Brad Goode, a Washington Federal spokesman.

He said the bank has room to accommodate 120-125 staffers at the new facility. Employees, mostly existing staff members, will be making the move, but the workforce could include some new hires in the future.

“We’re proud to be contributing future jobs to our local economy,” Washington Federal Regional President Tom Van Hemelryck said.

Washington Federal is decidedly bullish on Boise, Van Hemlryck said in a previous IBR story.

He cited Boise’s livability, skilled workforce and affordable commercial real estate as reasons to expand more company-wide functions in the City of Trees.

The recent transaction includes the 98,574-square-foot building on 11 acres. The bank was represented in the deal by the Cushman & Wakefield Pacific brokerage team of Andrea Nilson, DJ Thompson, LeAnn Hume and Jennifer McEntee. The seller was represented by the Intermountain Commercial Real Estate team of Guy Levingston and Jim Hosac. Pacific Commercial Realty Advisors PM, Boise LLC led by Tammy Cox will act as the property manager.

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