Real estate investment company Wall Street LLC has bought the six-story Old City Hall building in downtown Spokane for $5.3 million, says one of the company’s partners, Nicholas Knapton.

Located on the southwest corner of Spokane Falls Boulevard and Wall Street—directly east of River Park Square and south of Riverfront Park—the Old City Hall building will undergo about $4 million in renovations, says Knapton, who is a principal in Spokane-based accounting firm Nicholas Knapton PS.

Knapton and Seattle attorney Jason Kettrick, of law firm Carney Badley Spellman PS, and their respective families own Wall Street LLC, says Knapton.

The company plans to renovate the building’s interior, which has nearly 99,400 square feet of space, as soon as possible, he says. The building’s common areas will be reworked on each floor. Some escalators will be removed, and outdoor seating will be added.

Fusion Architecture PLLC, of Mica, Wash., is the designer, and contracting will be handled in-house, he says.

Current tenants of the building include law firms Burke Law Group PLLC, KSP Litigation PS, and retailer Runner’s Sole, he says. Knapton is also looking to add a restaurant or retail space on the ground floor of the building. The former Olive Garden space in that building is still vacant, he says. 

Additionally, Knapton says Nicholas Knapton PS is moving into the top floor of the building from its headquarters in the Fernwell Building, at 505 W. Riverside downtown. The public accounting firm, which employs six, also operates an office in downtown Seattle.

Knapton is choosing to move the firm because the Old City Hall building offers various amenities to the firm. Being attached to the skybridge system, employees can use River Park Square’s parking garage and not have to go outdoors for parking during winter. The building also offers scenic views of Riverfront Park and the Spokane River, and employees can enjoy lunch downtown, says Knapton. 

“We’re very excited to be part of all the changes going on in downtown Spokane, and we think the future is really bright, especially along Spokane Falls,” he says.

Mike Livingston, Tim Kestell and Erik Nelson, all of Kiemle Hagood, handled the purchase.

Chris Bell and Jon Jeffreys, both of NAI Black, have been hired as the building leasing agents. NAI Black also has been hired as property manager.

According to Spokane Historical, an online history project of Eastern Washington University, the Old City Hall building was built in 1913 and housed the city seat of Spokane for almost 70 years.