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.
IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 120 properties in 28 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America's most difficult real estate challenges. Learn more at www.industrialrealtygroup.com.
About Weyerhaeuser Company
Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control nearly 7 million acres of timberlands, primarily in the U.S., and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood and cellulose fibers products. Our company is a real estate investment trust. In 2014, our continuing operations generated $7.4 billion in sales and employed approximately 12,800 people who serve customers worldwide. We are listed on the Dow Jones World Sustainability Index. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
About City of Federal Way
Strategically located on Interstate 5 between Seattle and Tacoma in King County, Federal Way is home to 90,760 residents and a Puget Sound population of over 3 million. Federal Way is known for its majestic views, quality parks and public facilities, and business friendly environment. Incorporated in 1990, Federal Way operates a Mayor-Council form of government and is recognized for the provision of quality public services, excellent streets and city infrastructure, desirable neighborhoods, and quality public safety services. Learn more at www.cityoffederalway.com.
About Heartland LLC
Heartland LLC is a Seattle-based real estate advisory and investment firm with over 30 years of experience designing, analyzing and implementing strategies to manage risk and optimize value in all aspects of both the built and natural environment. Heartland specializes in assisting private and public clients across many realms: civic real estate, corporate owners/users, real estate companies and investment opportunities. In all cases, we are advisors first and combine strategy development with rigorous analytics to help our diverse client base define and implement their vision. Learn more at: www.heartlandllc.com.
For more information, contact:
Lauren Crumrine - Industrial Realty Group, LLC
Anthony Chavez - Weyerhaeuser Company
Brian J. Wilson, Chief of Staff – City of Federal Way
SOURCE Industrial Realty Group, LLC