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4/16/24
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Commencement Bank signed a long-term lease for 18k sf of HQ space in downtown Tacoma, WA. The bank will relocate its existing headquarters from 1102 Commerce St to their new full floor space at 1313 Broadway. Terms of the deal were not disclosed.
The property is situated in a prime location in Tacoma’s financial district, with immediate access to I-5 and within close walking distance to major hotels and retail in the downtown neighborhood. Constructed in 1976, the Class A office building is undergoing comprehensive renovations including a new lobby, common area, and storefront. The modern upgrades cater to the “flight to quality” mindset that has become a prevalent trend in the Tacoma market.
Will Frame, Drew Frame, and Ray Schuler, SIOR, with Kidder Mathews represented Commencement Bank in the transaction. The building ownership, X2Capital LLC, is led by local developers John Xitco 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. “We have a long history of working together and this space will provide synergies for our bank while continuing to invest in the vitality of the downtown business district.”
Commencement is the largest bank headquartered in Pierce County. Founded in 2006, it has deep roots in the community and additional locations in Enumclaw, Olympia, Auburn, and Gig Harbor. The company plans to occupy its new headquarters beginning in early 2025.
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