Opus Bank to sell building but stay downtown

EVERETT — Opus Bank is selling its downtown office building, the former headquarters of Cascade Bank, with plans to move into a smaller facility.

“We’re absolutely committed to the Everett area,” Opus CEO Stephen H. Gordon said in an interview Thursday.

The 52,582-square-foot building on the northwest corner of Colby and Hewitt avenues, however, doesn’t make sense when the bank has only 50 employees at that location, he said.

The prominent downtown building served as the headquarters for the nearly 100-year-old Cascade Bank of Everett when it was sold in 2011 to Irvine, Calif.-based Opus. The location consists of two buildings joined by a central atrium. The asking price is $6.5 million, and the building is being listed through Jones Lang LaSalle’s Bellevue office.

Opus is seeking a smaller building in the downtown Everett area, Gordon said. The bank recently made a similar move to a smaller space in Bellevue.

“We want to properly size ourselves,” he said.

When Opus bought troubled Cascade Bank, Gordon pledged to “create a strong super-regional bank in the Western region.” At that point Opus had five branches in Irvine, which were merging with Cascade’s 22 branches in the Puget Sound region.

Today, Opus has 52 locations in Washington and California. It has added locations in Kirkland and Gig Harbor and will open offices in Tacoma and Seattle in July and September, respectively.

“We keep growing and expanding,” Gordon said.

Michelle Dunlop: 425-339-3454; mdunlop@heraldnet.com.

More in Herald Business Journal

Snohomish County’s campaign to land the 797 takes off

Executive Dave Somers announced the formation of a task force to urge Boeing to build the plane here.

For modern women, 98-year-old rejection letters still sting

In a stark new video, female Boeing engineers break the silence about past inopportunity.

Drone’s ease piercing of NY ‘no-fly’ zone underscores risks

An Army Black Hawk helicopter suffered damage to one of its rotor blades, but was able to land safely.

Disney buying large part of 21st Century Fox in $52.4B deal

Before the buyout, 21st Century Fox will spin off the Fox network, stations and cable channels.

Commentary: GM, Boeing fight a war of words over Mars

Boeing is strongly signaling how crucial deep-space exploration is to its future.

Angel of the Winds pays $3.4M for Everett arena naming rights

The casino replaces Xfinity as the lead sponsor for the publicly owned downtown Everett events center.

Delta orders 100 Airbus A321neo jets valued at $12.7 billion

Boeing had hoped to land the deal, offering comparable 737s.

Pain lingers decade after recession

No matter how good things are now, it’s impossible to forget how the collapse affected people.

FCC votes along party lines to end ‘net neutrality’

Republican-controlled FCC junks the principle that said all web traffic must be treated equally.

Most Read