By Alex Girda, Associate Editor
Seattle–A large commercial asset in Federal Way was recently acquired by Industrial Realty Group. The campus offers a mix of industrial, office and lab space that is currently occupied by Weyerhaeuser. IRG is taking charge of the property as the main tenant prepares to relocate from Federal Way to Seattle. Heartland advised Weyerhaeuser during the sale process.
Following the sale, the five-story Corporate Headquarters building will be leased back to Weyerhaeuser until its transition to Seattle is complete.
With the city of Seattle roughly 23 miles away, the 810,717-square-foot campus will be a focal point for Federal Way’s economic development. “The sale, redevelopment, and reuse of this iconic property by IRG is important for the future of Federal Way,” Mayor Jim Ferrell said. Because of that commitment, local authorities will help with the addition of jobs, businesses, and sustainable development to Federal Way.
The 425-acre property’s new owner will aggressively pursue new leasing opportunities in order to fill the void left by the departure of Weyerhaeuser. Although the campus is meant for single occupancy, the leasing process “will determine its future positioning”, IRG President Stuart Lichter noted in a press statement. The Skidmore, Owens and Merrill-designed building features continuous non-sash window-wall systems, rectangular floor plates, as well as amenities including a large cafeteria, assembly space for up to 600 people, executive space, gardens, and water features.