Downtown Tacoma office building has a new owner. Here are the details
A local credit union has acquired a prominent office building in Tacoma’s downtown.
Tacoma-based Sound Credit Union purchased the former Rainier Pacific/Umpqua Bank building, 1498 Pacific Ave., from 1498 Pacific LLC, representing local investors also affiliated with Korum Automotive Group.
The LLC previously purchased the building from Umpqua Bank in 2023 for $6.9 million in a foreclosure sale. Umpqua took on the site in 2010 for $11.6 million as part of its purchase of Tacoma-based Rainier Pacific Bank locations following that bank’s collapse.
The building this go-around sold for $15.75 million, Pierce County records show in the sale recorded Sept. 5.
The location was last in the news in January when Port Orchard-based Kitsap Bank announced it was opening a branch at the site.
Jennifer Reed is vice president, public relations for Sound Credit Union. In response to questions, she told The News Tribune via email, “Kitsap Bank will continue to occupy a portion of the retail space in the building, and we look forward to collaborating with them.”
Reed noted, “The building is located across from our current headquarters. It offers opportunities for future growth in staffing and reinforcing our commitment to economic and social fabric of Tacoma and Pierce County.”
She added that the credit union had no plans “at this time” to relocate its staff from either its Pacific Plaza offices just up the street or its 1331 Broadway headquarters, west of the building.
Other tenants at the site include Sound Physicians and offices for Milgard Manufacturing, among others. The site, dating to the early 2000s, also includes a parking structure.
