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Tightening Downtown Spokane Office Market Ready to Rise

Spokane, Wonder Spokane, Wonder Bread bakery, Spokane-Continental Bakery, Riverfront Park, JLL, NAI Black, Seattle, Portland, San Francisco Bay Area

JLL and NAI Black begin marketing Wonder Spokane, a historic riverfront mixed-use redevelopment, to creative office tenants

SPOKANE, WA (March 7, 2018) – Spokane’s limited large-block commercial office vacancy market is set to see some relief this summer as work winds up on developer Wonder Spokane, LLC’s dramatic restoration and expansion of the historic Wonder Bread bakery at 821 West Mallon.

Formally known as the Spokane-Continental Bakery, the early 1900s-era building is in the final stage of its transformation into Wonder Spokane, a 112,000 +/- square foot creative office building featuring the Wonder Market, a 12,000 square foot retail market offering food and artisanal products at street level. The three-story building will offer plentiful onsite and adjacent parking and includes a dramatic rooftop deck overlooking downtown and Riverfront Park.

“It’s exciting to see our vision for this building nearing realization,” said Peter Mounsey of Wonder Spokane. “It was very important to us to that we build upon the bakery’s historic roots by preserving its character while delivering a top-quality redevelopment to revitalize the block and stand another 100 years in downtown Spokane,” added Mounsey.

Commercial real estate advisor JLL has teamed up with NAI Black to begin marketing the project. They plan to target potential tenants in Spokane, although JLL believes the office space could also appeal to companies interested in expanding operations in Spokane from as far afield as Seattle, Portland and the San Francisco Bay Area.

“This project is unique in its size and scale and sits in the perfect location for businesses wanting to be adjacent to the amenity-rich downtown without the typical restrictions on parking in the CBD,” according to Michael Sharapata, Executive Vice President, JLL. “There is currently very little space for office users seeking more than a 20,000 square foot footprint in the city. Wonder Spokane will solve that problem and can even offer that amount of contiguous square footage on a single floor,” he added.

Sharapata points to Spokane’s affordability, strong stream of graduates from the city’s four universities and solid population growth as three major factors that might attract businesses from outside the region to relocate.

Wonder Spokane features three full stories and a large basement for office users, totaling approximately 100,000 square feet of high ceiling space with abundant natural light and historic brick charm. The building sits on the north bank of the Spokane River fronting Riverfront Park, a 100-acre public park and the site of Expo ’74, the first world’s fair to carry an environmental theme. The park is currently undergoing a $64 million redevelopment to modernize and reconfigure the park’s significant public uses and amenities, which will include better linkage between the north and south sides of the river.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.