However, Weyerhaeuser has no intention of leaving the three-story, Class A office building. It has signed a five-year agreement to lease back the building's nearly 70,000-sf of office space from the Hokansons.
"This transaction was sought by Weyerhaeuser to assist us with our long-term plan of gradually consolidating some of Weyerhaeuser's staff to the East Campus of Federal Way, closer to or even within the company's corporate headquarters building," says Bob Niendorf, a real estate specialist at Weyerhaeuser. "This gradual migration will occur over the next five years. The deal with the Hokansons seems to mutually accomplish the objectives of both parties, and we look forward to our business relationship with them over the term of our lease."
Lori Hill and Tom Abbott of Cushman & Wakefield negotiated the deal. While the lease rate remains confidential, Class A office space in Federal Way goes for an average of $18 psf.
"We're very pleased to have created a deal that works so well for everyone," says Hill. "Park Center II was on the market for less than three months and we had multiple offers. Weyerhaeuser got the price it was looking for in addition to the opportunity to remain in the building; the Hokansons' gained a high-quality building with extremely strong credit tenants."
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