Sunday, September 26, 2021
Sept. 26, 2021

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Iconic downtown 915 Broadway building on market

Downtown Vancouver structure is listed for $7.5 million

By , Columbian Assistant Metro Editor

The iconic 915 Broadway building in downtown Vancouver is for sale for $7.5 million, showing how much local property is gaining value.

Its owner, local developer Ryan Hurley’s Ten Talents Investments 5 LLC, bought the building in 2013 for $3.2 million, less than half of its current sale price.

The building was formerly named Pacific Tower, built in 1975. It’s been on the market for a few weeks, and it is 96 percent occupied, according to the online listing from broker Adam Taylor, director of capital markets for Jones Lang LaSalle. The building’s net operating income is $514,500.

Shortly after purchasing the building in 2013, Hurley, whose headquarters was in the building at the time, renovated the building to make it more sleek looking and modernized. Hurley has since moved into the new Hurley Tower. Hurley’s growing number of properties and projects include the upcoming Hurley Tower II in downtown Vancouver and the HQ Master Plan site at the former Fisher Quarry in east Vancouver.

CoLab Community Shared Work Space takes up the bottom floor of the four-story, 33,141-square-foot 915 Broadway building. Other tenants include Slumberkins, Rightline Equipment Inc., Pacific Express Inc., Jenkon, City Fiduciary Group and CFG Tax Services.

“With 1.9 million square feet of total inventory, the Vancouver office market is robust and averaged sub-8.0 percent vacancy rates throughout the pandemic,” according to the listing. “Located within Clark County, Vancouver also maintains distinct tax advantages compared to Portland and the rest of Oregon. 915 Broadway is a rare opportunity to acquire a cash flowing, well-maintained office asset at a value that is significantly below replacement costs in the burgeoning Downtown Vancouver market.”

Hurley Development did not respond to a request for more information on Monday.