ANCHORAGE -- An Anchorage real estate developer has closed a deal to buy the eight-story City Hall building at 632 W. Sixth Ave. from Weyerhaeuser Co.
Architect Mark Pfeffer and partners Jeff Koonce and Jerry Neeser paid $13 million for the building, formerly known as the Hill Building.
Pfeffer and the city have signed a lease agreement that allows the city to continue occupying the building for the next 25 years.
It's a good deal for the city, said Wuerch administration spokesman Dennis Fradley. An independent real estate consultant estimated the city could save $13 million to $17 million in rent during the life of the new lease.
The building, which underwent a $13 million renovation in the early 1990s, has housed Anchorage municipal government since 1975. It was built in 1964.
