Northrim Bank Office Building
Tenant-in-hand Class A Office investment in midtown area of Anchorage, Alaska.
In 1987, the stock market crashed and oil prices fell to single digits per barrel – devastating the Alaska’s oil-dependent economy. During this time, 13 Alaskan financial institutions failed, displacing many customers – and creating an opportunity for a new bank to enter the market. The Founders of Northrim Bank were friends and business partners and asked Walsh Investment Company to participate in purchasing the building to become their headquarters and first branch.
Although we had a long term tenant in hand the economy was a mess and the bank was brand new so the deal was not without risk. Fortunately Northrim performed very well and Walsh Investment Company held the fully leased property for the next 20+ years before selling its interest in the building.
Walsh Investment Company purchased this Class B office building in a Class A location at the bottom of the market cycle and then invested in various renovations to upgrade the building to Class A quality.