By Kate Snyder
A suburban city south of Seattle that saw a handful of sales transactions in 2022 is starting out the new year with the acquisition of an office building for $11.1 million, or approximately $174 per square foot, according to King County public records. The International Union of Painters and Allied Trades District Council 5 purchased the building from Richland-based Gesa Credit Union. The sale was recorded on Jan. 18.
Located at 5200 Southcenter Blvd. in Tukwila, the two-story building totals 63,695 square feet and sits on 1.48 acres, property records show. The building has about 42,559 square feet of office space and 21,136 square feet of basement and parking space. It was built in 1986 and renovated in 2018, according to LoopNet. The site also includes 75 surface parking spaces and 35 covered parking spaces.
The site is tucked into the northwest corner of the I-5 and I-405 interchange, just north of Southcenter Boulevard. Nearby organizations include the BAC Local 1 office, Thorndyke Elementary School and the Willow Creek Townhomes. The city’s Southcenter neighborhood is just across the interstates from the property and features a mix of retail, entertainment, dining and hospitality assets.
The International Union of Painters and Allied Trades is a labor union that represents more than 160,000 active and retired working people in the United States and Canada, according to the IUPAT’s website. Its members are industrial and commercial painters, drywall finishers, wall and floor coverers, glaziers, sign and display workers, convention and show decorators and other specialized tradespeople.
IUPAT is organized into thirty-three District Councils in order to represent its membership within their own communities. IUPAT District Council 5 is based in Seattle and represents IUPAT members in Alaska, Idaho, Oregon, Utah and Washington.
Gesa Credit Union is the second largest credit union in Washington with more than 260,000 members around the world, according to the firm’s website. In 1996, the company became a community-chartered credit union and opened its membership range to everyone in Washington.