RFM’s HQ Office Sells for Record-Breaking Price; Firm will Remain in Building

Bremerton, WA – Rice Fergus Miller (RFM) announced the sale of the building containing their headquarters office in downtown Bremerton, WA on February 8, 2024. The 18,961 sq. ft. commercial office building, located at 275 Fifth Street, sold for the record-breaking price of $6,000,000. According to the listing agents at Marcus & Millichap, this is the highest price per square foot on record in Kitsap County for an office building over 15,000 sq. ft. The building is currently occupied by Rice Fergus Miller, Sazan Group, and Ad-Vintage, a vintage and collectables retail store. RFM will continue to operate in the building under a long-term lease with the new owner.

The sellers of the building are a partnership between former RFM Principals Steve Rice, Dave Fergus, and Mike Miller. They purchased the building in 2009 and redeveloped it to serve as the firm’s headquarters in 2011. The three retired from the firm in 2021 and 2022, but have continued to lease the building to the firm. The buyer of the building is a private investor who lives in the Puget Sound region.

The building was originally constructed in 1947 as a Sears automotive center. Sears vacated the building in 1985, and it sat vacant until completion of an extensive $3.6M renovation in 2011. Design and construction of the project took two years, and was certified LEED Platinum by the United States Green Building council (USGBC) after completion.

The building features many resource-conserving measures including rainwater capture for reuse in toilets and irrigation, resulting in a 71% reduction in potable water use; 95% reuse of existing major structural elements; an on-site solar array and energy saving measures that reduce energy use by 77%; and a selection of sustainable, low-VOC, and recycled content materials throughout.

Current RFM Principals Greg Belding and Jennifer Fleming spearheaded the design of the renovation and tenant improvement for the firm. Greg notes, “We’ve known that Steve, Dave, and Mike wanted to sell the building to fully enjoy their retirement years. We’re so pleased that the buyer is local, and recognizes the value of this unique, highly sustainable office building. We look forward to continuing to operate our firm’s headquarters here for many years to come.” In addition to serving as an architectural firm headquarters, Greg notes that RFM will continue to offer the central ‘forum’ of its office space as a meeting venue for local community groups and non-profit organizations at no charge. The firm has hosted hundreds of such gatherings over the past decade.

Michael Babicz and RJ Vara, investment specialists with Marcus & Millichap, held the exclusive listing for the sellers. Marcus & Millichap is a leading brokerage firm specializing in commercial real estate investment sales, financing, and advisory services.

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About Rice Fergus Miller

Rice Fergus Miller, Inc.—a B Corp., is an architecture, interior design, planning, and vizlab firm based in Bremerton, Washington. Established in 1987, it is the only architecture firm in Washington State with Certified B Corp status. The firm is committed to performing meaningful work that builds and strengthens communities, and is housed in one of the most energy-efficient buildings in the United States. Rice Fergus Miller blends the personal aspirations of its nearly 60 team members with a vision for a more sustainable future. Learn more at www.rfmarch.com