Wells Fargo building to be sold to Washington Trust Bank

Danny Palomba by Danny Palomba

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The Wells Fargo Center building will be changing hands soon.

Washington Trust Bank and Inland Northwest Health Services have reached an agreement for the purchase of the building and adjacent parking structure and lot located at 601 W. First Ave.

The terms of the transaction were not disclosed.

“Washington Trust is excited about maintaining a major presence in downtown Spokane, and investing in this building demonstrates our continued commitment to the downtown core and greater Spokane community,” said Peter Stanton, Washington Trust’s Chairman and Chief Executive Officer. “We have grown significantly in recent years, and our downtown headquarters are no longer large enough to house all of our Spokane-based employees. We have a strong culture and we believe that bringing everyone together will help maintain that vibrant culture while also offering our employees Class A office space in downtown Spokane.”

All current tenant leases transition to Washington Trust, and long-time property manager of the building, Kiemle Hagood, will continue to provide property management services. INHS is the largest current tenant, occupying approximately 45 percent of the space.

The name of the building will not change.

Over a period of three years, INHS and Providence Health Care Foundation will transition from its occupied space in the building to a new location.

Washington Trust is developing initial plans to occupy a portion of the 17-story building, while continuing to lease excess space. Currently, the building is at 85 percent capacity.

The deal is set to close on April 19.

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