IRG Finalizes Purchase of Weyerhaeuser Campus near Seattle
Unique property known internationally for its architectural design ready for a renewed vision, bringing businesses and jobs
FEDERAL WAY, Wash., Feb. 9, 2016 /PRNewswire/ -- Industrial Realty Group, LLC (IRG), a nationwide real estate development and investment firm announced its purchase of the Weyerhaeuser campus in Federal Way, WA, located 23 miles south of Seattle. The property, which includes 425 acres and 810,717 square feet of office, lab and industrial space, will add to the company's 100 million square foot portfolio.
"Our experience in redeveloping corporate campuses and leasing is extensive," said John Mase, Chief Executive Officer of IRG. "We understand the importance this site has in Federal Way and the region. The architecture and surrounding land is impressive and will be highly-desirable for future tenants. We are also excited about forging ahead with the city in preparation for the property's next chapter."
The five-story Corporate Headquarters building will be leased back to Weyerhaeuser until it relocates from Federal Way to Seattle. Weyerhaeuser will also maintain a presence in the Technology Center Building under a lease with the new owner.
"Weyerhaeuser has had a long, successful history in Federal Way and this campus has served our company very well," said Doyle R. Simons, president and CEO of Weyerhaeuser. "We're pleased to be transitioning ownership of the campus to IRG, which specializes in managing complex real estate sites and will be a great fit for the city of Federal Way."
The City of Federal Way has met with IRG to discuss steps to bring businesses and jobs into the local economy.
"The sale, redevelopment, and reuse of this iconic property by IRG is important for the future of Federal Way," said Jim Ferrell, Mayor of Federal Way. We look forward to working with IRG to bring additional jobs, businesses, and sustainable development to Federal Way. Our strategic location, support for business, and quality of life available to our citizens enables us to be well-positioned for the future."
IRG is known for aggressive leasing efforts. The company plans to accommodate tenants who would be a positive mix for the region, understanding the value the property has as a fixture in the local community.
"Historically, the site has been a single-occupant corporate campus, but leasing will determine its future positioning," said Stuart Lichter, President of IRG. "There is nothing in the market similar to this campus. Many businesses consider the high cost of building and maintaining a property like this to be exorbitant, but this opportunity allows them access to unique space, custom to their needs and managed by IRG's real estate experts, all at a lower cost."
With ivy covered rooftop terraces, the Headquarters Building was one of the first green roof applications in the Pacific Northwest and one of the first open landscape office designs in the United States. Designed by Skidmore, Owens and Merrill, it features large rectangular floor plates, 14' floor-to-floor heights with 10' ceilings, continuous non-sash window-wall system, and diagonal column placement, all of which was designed to promote natural daylighting and maximize internal visibility. Amenities include a large cafeteria, assembly space with capacity to accommodate 600 people, executive space, lush gardens, and water features.
Weyerhaeuser was advised by Heartland LLC in this transaction.
About Weyerhaeuser Company
About City of Federal Way
About Heartland LLC
For more information, contact:
Lauren Crumrine - Industrial Realty Group, LLC
Anthony Chavez - Weyerhaeuser Company
Brian J. Wilson, Chief of Staff – City of Federal Way
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/irg-finalizes-purchase-of-weyerhaeuser-campus-near-seattle-300217751.html
SOURCE Industrial Realty Group, LLC