News
GBX Group and Washington Trust for Historic Preservation Announce the Acquisition and Preservation of the A.M. Jensen Company Building
GBX Group
April 19, 2025
54 E Main St

WALLA WALLA, WA - GBX Group LLC proudly announces the acquisition of 54 East Main Street, a nearly 50,000 square foot building with a white glazed terra cotta facade that stands out amongst the surrounding brick buildings in the Walla Walla Downtown Historic District. Known as the A.M. Jensen Company Building, the property served as the Bon Marche department store and later as a Macy’s department store before closing in 2020. 

A GBX company partnered with the Washington Trust for Historic Preservation to protect the property through a historic preservation agreement. This agreement ensures the building’s architectural and historical integrity will be preserved for future generations. 

“We are proud to play a role in safeguarding the A.M. Jensen Company Building and ensuring it remains a key part of the community’s identity,” said Drew Sparacia, CEO of GBX Group. “GBX aims to help preserve its historical significance while our company explores opportunities to revitalize the space for future hospitality and retail commercial use.”

By leveraging various federal, state and local incentive programs, such as historic tax credits and preservation agreements, project partners can access critical, non-traditional financing sources that make preserving these important assets economically viable. A GBX fund, managed by GBX Fund Management Ltd., acquired the A.M. Jensen Company Building. 

“Preserving historic buildings is about honoring our past while investing in our future,” said Chris Moore, Executive Director of Washington Trust for Historic Preservation. “The A.M. Jensen Company Building’s story is an integral part of Walla Walla’s heritage, and we are committed to ensuring it is restored as a dynamic presence in the city’s Downtown Historic District.”

A GBX company is currently in the planning and predevelopment phase of the historic redevelopment project for the A.M. Jensen Company Building, ensuring it continues to serve the Walla Walla community for many years to come. 

The property will be managed by Eagle Crest Property Management.  

Photos by Sydnee Morehouse 

About GBX Group LLC 

GBX Group LLC specializes in acquiring, preserving and operating historic real estate in urban markets. The company partners with investors to fund the acquisition and preservation of historic real estate with the goal of generating community revitalization and economic growth. As of January 2025, GBX has been involved in 211 real estate projects in 24 states. For more about GBX, visit gbxgroup.com/  

About Washington Trust for Historic Preservation 

The Washington Trust for Historic Preservation is a nonprofit organization dedicated to saving the places that matter in Washington State and to promoting sustainable and economically viable communities through historic preservation. We are Washington’s only statewide nonprofit advocacy organization working to build a collective ethic that preserves historic places through education, collaboration, and stewardship. For more information, please visit preservewa.org/