Ag Lender Moving To New Office

After six years of restructuring, Northwest Farm Credit Services will take another cost-cutting step - move its headquarters out of downtown Spokane and closer to farmers and the airport.

The agricultural lender said Thursday it will move from its posh offices in the AgAmerica Farm Credit Building late next year to a three-story, 50,000-square-foot building adjacent to the Hampton Inn on Sunset Hill.

The association will lease 38,000 square feet from developer Arger Capital Corp., which will begin construction in February.

As part of the move, the association will close its Valley branch, 2011 N. Hutchinson Road, and sell the building.

About 20 employees at the branch will relocate to the new headquarters on the southwest corner of Sunset Boulevard and Assembly Street; 90 employees will come from downtown.

The member-owned association of 19,000 farmers currently occupies nearly three floors in the AgAmerica building, a 17-story white structure built in 1982 during the expansion of the farm credit system.

“I think it’s pretty positive for them,” said AgAmerica President Jim Kirk. “They can consolidate some space, and as much time as management spends flying to Montana, Oregon and other parts of the world, it makes a lot of sense. They don’t really need a downtown location.”

Kirk said the move does not affect the bank’s 68 employees, though officials may move upper-floor offices to make room for a replacement tenant.

“We don’t have any (replacement) tenants at this point, but we’ve never had any problem leasing the building,” said Kirk, noting that Pegasus Gold, Merrill Lynch and Washington State University currently lease space.

Northwest Farm Credit is an independent association that lends money to farmers, ranchers, loggers and rural homeowners. It borrows money to lend from AgAmerica.

Joan Haynes, Northwest Farm Credit’s vice president of corporate administration, said a study showed that the association could save money by selling its Valley office and vacating the higher-priced downtown high-rise.

“Besides, who has time to look out the window?” Haynes said.

, DataTimes