Industrial Realty Group purchased the Federal Way campus of Weyerhaeuser, which plans to move its corporate headquarters to Seattle.
The corporate campus covers 425 acres and nearly 811,000 square feet of office, lab and industrial space, officials said. The purchase, for an undisclosed price, adds to Los Angeles-based Industrial Realty Group’s 100 million-square-foot portfolio.
“Our experience in redeveloping corporate campuses and leasing is extensive,” said John Mase, IRG’s chief executive, in a news release. “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.”
Weyerhaeuser will lease the five-story corporate headquarters building until it moves to Seattle, officials said. The company will continue to lease the technology center building from the new owner.
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“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, in the release. “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.”
According to the release, officials with Federal Way met with IRG to discuss steps to attract businesses and jobs.
“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.”