Accounting firm, lender to buy downtown building
Griffiths & Co., Inland Mortgage hope to move into Chamberlain in MayMarch 11th, 1999
The Griffiths & Co. PS accounting firm and KDL Inc., which operates as Inland Mortgage, have agreed to buy the 10,000-square-foot Chamberlain Building, at 906 W. Sprague downtown, and hope to move into the two-story structure in May.
Tom Griffiths, owner of the accounting firm, and Vern Hare, president of Inland Mortgage, say they are scheduled to close on the purchase of the office building, which is located across from the Metropolitan Performing Arts Center near the northwest corner of Sprague and Lincoln, on April 30. Werner Rosenquist, of Spokane, is the seller of the building, the prospective buyers say.
Griffiths says the building, which once housed Contract Design Associates, is vacant, though its most recent tenant, a division of Metropolitan Mortgage & Securities Co., still is leasing the building.
The building doesnt need major remodeling, Griffiths says, and the two businesses plan to move in soon after finalizing the transaction. Inland Mortgage will occupy the main floor, and Griffiths & Co.s offices will be on the second floor.
Owners of both businesses say they are buying the building because they need more space and want to have a downtown presence.
Griffiths & Co. currently is located in a house at 117 W. Augusta that was converted into an office. Founded in 1992, the accounting firm has six employees, including five accountants.
Weve been growing a lot in the last couple of years and expect more growth, Griffiths says. The new facility is capable of handling that.
He adds that the building is close to Spokane Regional Business Center, a resource he says his firm uses frequently.
Inland Mortgage, which Hare started in 1996, currently is located in the Gateway Business Park on the downtown periphery, near the intersection of Second Avenue and Arthur Street. It has seven employees, including six loan officers. Hare says Inland Mortgage needs more space, but he adds he is more motivated by the prospect of being close to other developments in the area.
Mostly, its for the opportunity to be a part of the expansion of downtown, Hare says.
Tracy Lucas, of Kiemle & Hagood Co., and Pat Martin and Bill Matteucci, of Tomlinson Black Commercial Inc., are handling the transaction.