Seattle, Wash. (April 12, 2024) – Kidder Mathews has secured a long-term lease for Commencement Bank at 1313 Broadway in downtown Tacoma. The bank will relocate to the approximately 18,000-square-foot space from its current headquarters at 1102 Commerce Street. Brokers Will Frame, Drew Frame, and Ray Schuler, SIOR represented Commencement Bank in leasing the full-floor opportunity from X2Capital, LLC, owned by prominent local developers John Xitco and Luke Xitco.
“This transition was a unique opportunity for Tacoma’s local bank to partner with the Xitco family, also long-time Tacoma residents and business owners,” said Nigel English, Commencement Bank President and Chief Operating Officer. “We have a long history of working together and this space will provide synergies for our bank while continuing to invest in the vitality of the downtown business district.”
“Our strategy of attracting strong local tenants by creating mutually beneficial relationships with them has proven successful,” said John Xitco. “We are very excited to welcome the last local bank to 1313 and to bank with them in our own building.”
The property is situated in a prime location in Tacoma’s financial district, with immediate access to I-5 and within close walking distance to major hotels and retail in the downtown neighborhood. Constructed in 1976, the Class A office building is undergoing comprehensive renovations including a new lobby, common area, and storefront. The modern upgrades cater to the “flight to quality” mindset that has become a prevalent trend in the Tacoma market.
“Commencement Bank’s relocation of its headquarters is an opportunity to gain efficiencies, promote their brand, and build for the future,” said Will Frame. We will continue to see this approach from tenants as strategic real estate decisions are a proven tool to optimize their position in the market.”
Commencement is the largest bank headquartered in Pierce County. Founded in 2006, it has deep roots in the community and additional locations in Enumclaw, Olympia, Auburn, and Gig Harbor. The company plans to occupy its new headquarters beginning in early 2025.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 19 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $10 billion in transactions, manages 51 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually (3-year average). For more information, visitkidder.com.
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