Update on BIAW Headquarters Purchase
August 28, 2019
As many in the association are aware, after a lengthy evaluation process, the BIAW Board of Directors at the summer board meeting in June voted to approve the purchase of a building in Tumwater as BIAW’s new headquarters.
Since that decision by the BIAW board, the purchase of the Parkside Building (300 Deschutes Way Tumwater, WA 98501) has been progressing on schedule. Here is the latest update:
- A Phase 1 Environmental Report on the property was completed and reported no concerns.
- An independent appraisal valued the property at $5.25 million, the agreed-upon purchase price.
- The sellers agreed to reduce the final purchase price to $5,205,250, to cover the cost of repairing a few minor items that were identified in the property inspection report.
- The 90-day feasibility period was completed, and BIAW removed all contingencies on the purchase.
- An LLC was created by BIAW to purchase and manage the operations of the facility.
- The closing will take place on or before Sep. 10.
Tenant Improvements for BIAW
BIAW President Rick Hjelm has appointed an Oversight Committee from the BIAW Executive Committee to supervise the tenant improvements that are necessary for BIAW to move into the new building. (The BIAW Board of Directors approved funds to complete the tenant improvements and the move of BIAW’s staff to the new office space.) BIAW is working with an architect to finalize the design of the space the association will occupy in the Parkside Building, which includes the entire third (top) floor and the west half of the first floor.
Once the design is completed, BIAW will be interviewing potential general contractors and will select one to manage the tenant improvement project.
NOTICE: Any BIAW member company that would like to be considered for the role of general contractor for this project needs to contact BIAW Executive VP Greg Lane (firstname.lastname@example.org or 360-352-7800 ext.102). The deadline to be considered is Thursday, Sept. 5.
Future of the McCleary Mansion
MSC has voted to sell the McCleary Mansion and anticipates listing the mansion on the market officially in the next few weeks. The listing price will be $1.19 million. As directed by the BIAW Board, all proceeds from the sale of the mansion will be put into BIAW’s long-term reserves.