SPOKANE, Wash – An iconic building in downtown Spokane now has a new owner: Inland Northwest Health Services. INHS is already a tenant of the building at 601 W. 1st, and occupies roughly 6 of the 17 floors. It already owned 26% of the building, but Friday, bought the rest.
The remaining 74% went to auction at 10 am at the Spokane County Courthouse Friday, after the former owner defaulted, and the space went into foreclosure. The bid price? Just over $16 million; however that was the amount in default including fees and interest. The amount INHS actually paid is likely much less, however the exact amount is confidential as of now.
CFO John Craig says the real-estate transaction shows INHS is here to stay, it helps the non-profit expand, and it helps brings economic stability to downtown.
"This just gives us the opportunity to expand even more from our rehab hospital to our medical air ambulance company, as well as our IT infrastructure which is the majority of the occupants of the building," Craig told KHQ.
INHS isn't the only tenant of the building; Wells Fargo Bank has offices there, as well as a mix of non-profits, business and government tenants. This change in ownership will not affect or impact them.