CIRI has joined two other partners to become the new owners of one of Anchorage’s largest office complexes, which features the tallest building in Alaska.
The ConocoPhillips Alaska office complex includes four buildings with more than 677,000 square feet that sits on 1.7 acres of land. The main tower, completed in 1983, is 22-stories tall (296 feet) and its golden exterior is a familiar sight on the Anchorage skyline.
The previous owner, Hunt Realty Investments Inc., owned the property for approximately 13 years. The partnership consists of CIRI, JL Properties of Anchorage and Washington Capital Management, an investment advisory firm headquartered in Seattle, Wash. with offices in Anchorage. Each partner owns an equal one-third of the investment.
“CIRI is pleased to partner with a well-established real estate and investment company to successfully acquire this property in downtown Anchorage,” said President and CEO Sophie Minich. “CIRI is confident the investment will significantly strengthen and diversify our real estate portfolio and position the company for strong financial returns in the future.”
The complex’s primary tenant, ConocoPhillips Alaska, is among Alaska’s strongest corporations conducting business in the oil and gas industry. Current lease terms indicate ConocoPhillips Alaska will remain the tenant for the foreseeable future.