Spokane-based paperboard manufacturer Clearwater Paper Corp. is planning $4 million in upgrades at the company's headquarters in the Bank of America Financial Center, at 601 W. Riverside, in downtown Spokane.

Clearwater Paper is consolidating its office space in the building to align with the company's current needs, says Virginia Aulin, vice president of public affairs at Clearwater Paper.

The company currently occupies Suite 1100 on the 11th floor of the Bank of America building. However, site plans for the project show the company is renovating office space on the third floor of the building, along with a second-floor stair.

"We are committed to Spokane and think this will be a wonderful and efficient space for our Spokane employees and for those who travel in for meetings and events," Aulin says.

Clearwater Paper's tenant improvements include the demolition and removal of some office walls and doors along the perimeter of the the third floor, followed by the construction of new office walls and the creation of other employee work spaces and gathering areas. Additionally, a new internal stair project will update the space between the second and third floors.

The $4 million cost of renovating the space is being shared with the building owner, Aulin adds.

Redstone Spokane I LLC, an affiliate of British Columbia-based the Redstone Group of Cos., owns the Bank of America building, as previously reported in the Journal. Representatives of Redstone decline to comment on the tenant improvements.

The renovation project team is comprised of Spokane-based Uptic Studios Inc., the project architect; contractor FV Contracting, of Spokane; and the Spokane office of DCI Engineers, serving as the structural engineer, according to permit information on file with the city of Spokane.

Additionally, Spokane-based KWR LLC is providing mechanical and electrical engineering and plumbing services, permit data shows.

The tenant improvement project comes on the heels of Clearwater Paper's $1.06 billion sale of its tissue business division to Sofidel America Corp., a subsidiary of Italian company Sofidel S.p.A., which was completed on Nov. 1.

"We closed on the sale of our tissue business and are now well positioned to execute on our strategy of building a premier paperboard company,"  says Arsen Kitch, president and CEO at Clearwater Paper, in a statement from the company's third-quarter 2024 results.

Clearwater Paper (NYSE: CLW) stock traded at $26.94 per share at the close of the market on Tuesday, Dec. 3. That's below a 52-week high of $57.13 and above the company's 52-week low of $24.17.