The Iowa Finance Authority board of directors last week approved the sale of its former office building at 2015 Grand Ave. Polk County assessor photo

The Iowa Finance Authority board of directors last week unanimously agreed to sell its office building at 2015 Grand Ave. for $1.6 million to a Des Moines-area developer who plans to lease the facility for office space.

Jeff Young, owner of We Can Build it, said he has prospective tenants line up for the building but no leases signed yet.

“I think it will be filled by the time we close in January,” Young said.

The property and building, constructed in 1927, are valued at nearly $2.3 million. 

The Iowa Finance Authority, which administers affordable housing programs, did not have a mortgage on the Grand Avenue building. Proceeds from the sale will go to the agency, a spokeswoman said.

Last year, the agency moved into an office building at 1963 Bell Ave. that it bought for $7.59 million. The Iowa Economic Development Authority will also be housed in the building.