Another historic building in downtown Tacoma has changed hands, as Regence Blue Shield has announced the sale of the Cornerstone Building to Olympia’s Berschauer Group.
The building, located at 1148 Broadway in Tacoma’s central business district, was built in 1892 as a dry goods department store. Once occupied by Sears Roebuck & Co., it was a retail hub in Tacoma until 1982, when it was completely renovated. Today, it is taken up chiefly by offices, with health care giant CHI Franciscan Health System occupying the majority of the space; the building is connected via sky bridge to the adjacent Franciscan headquarters building and parking garage.
Berschauer is no stranger to buildings with ties to the health care arena. In 2013, the company purchased the Allenmore Medical Office building, located on the Multicare Hospital Campus, for $10 million from Unico Properties.
“Historically, the medical field — in particular, medical focused buildings — is a good investment for developers and investors,” said Pat Berschauer, chairman and CEO of Berschauer Group. “The Allenmore property was a great buy, and the Cornerstone building has been a proven asset over the years.”
Neil Walter Company is the leasing agent and property manager for the building. They have several tenants interested in the remainder of the first floor and anticipate being 100 percent occupied by the end of the year.