Umpqua Bank sells downtown Spokane building

Umpqua Bank has sold its downtown Spokane building to an investment and development company.

The bank will continue to lease about 19,000 square feet in the building, at 710 W. Riverside Ave., from the new owner, Alexander Goods Depot LLC.

Rob Brewster of InterUrban Development is a local partner in the limited liability company. The other partner is Confluent Development of Denver.

The partners plan to develop the building’s remaining 84,000 square feet into space for office and retail tenants, Brewster said. The first floor will be retail, with offices on the upper levels. A fifth-floor penthouse will remain.

Brewster said the company will release more detailed plans for building in the future.

He said Spokane remains an attractive market for office space, offering lower cost options compared to other West Coast cities.

Sterling Bank formerly had its headquarters in the building. Sterling did a major remodel on the property in 1994, which dates to the early 1900s.

The sale was handled by Jim Quigley, managing broker with Kiemle & Hagood Co.