October 4, 2012 in Business, City

Pyrotek Inc. acquires EWU building for $1.2 million

By The Spokesman-Review
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Pyrotek Inc. has paid $1.2 million to Eastern Washington University for a downtown Spokane building.

The deal for the building at 705 W. First Ave. has been anticipated for months and brings Pyrotek higher visibility. It will relocate its headquarters to the 70,000-square-foot building.

The manufacturer makes and sells high-temperature materials across the world, employing 1,600 workers. Founded in 1956, the company is a made-in-Spokane success story.

EWU first bought the building in 1983. Classes were held in the four-story building until the fall of 2007, according to university spokesman Dave Meany. The university has relocated programs once housed in the building to the Riverpoint campus.

The building’s assessed value was $2.5 million. EWU has had several purchase offers unravel over the years. This summer Pyrotek and EWU reached a tentative deal for $1.8 million, pending further real estate evaluations. The final sales price – a third lower than initially agreed to – reflected due diligence efforts during the past couple months.

NAI Black commercial real estate agents Chris Bell and Jeff McGougan handled the transaction for Eastern.

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