"Everyone I've talked to, they all say the same thing: that there really is a very tight market for Class A office buildings downtown," Wood said. "Consequently, we've got buildings popping up all over the place — at The Gateway, the Hamilton Partners project (announced at 222 S. Main). This is more good news."

Commerce CRG reported that the first quarter 2006 direct vacancy rate for Class A office space in the city's central district was 2.62 percent, and 0.77 percent for sublease vacancies. In the suburban market, the Class A direct vacancy rate was 7.88 percent for the quarter. The suburban Class A sublease vacancy rate was 0.39 percent, according to the Commerce CRG report.

Commerce CRG brokered the transaction between Walker Center Associates and GP2B.

"It's an important building," Wood said of the Walker Center. "It has a real history to it. When it was built in 1912, it was, as I remember reading about it, it was the tallest building in the West. So for this region, it was really important. Quite a landmark."

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