Tacoma-based bank set to move headquarters to new space. Here are the details
Tacoma-based Commencement Bank is gaining new office space for its headquarters.
In a news release April 12, real estate agency Kidder Mathews announced it had secured a long-term lease for the bank at 1313 Broadway in downtown Tacoma. Commencement Bank by early next year will occupy the approximately 18,000-square-foot space.
The office site is across from the Hotel Murano.
Commencement’s current headquarters are at 1102 Commerce St.
The bank will lease the space from X2Capital, LLC, affiliated with local developers John 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, in a statement. He added the move allows the bank to continue “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 in a statement. “We are very excited to welcome the last local bank to 1313 and to bank with them in our own building.”
The office building, which dates to 1976, “is undergoing comprehensive renovations including a new lobby, common area and storefront,” according to the release.
Commencement has branch locations in Enumclaw, Olympia, Auburn and Gig Harbor.
Brokers Will Frame, Drew Frame, and Ray Schuler of Kidder Mathews represented Commencement in securing the lease.
