Panattoni Launches Seattle-Area Office

SEATTLE-With two projects underway in the Puget Sound area, Sacramento-based Panattoni Development Co. has decided to bring on a local partner and open its first office in the Seattle area. The new partner is Bart Brynstad, most recently head of real estate for Opus Northwest. The new office will be located south of Seattle in Tukwila, near the confluence of Interstates 5 and 405.Under Brynstad’s 10 years of leadership, Opus Northwest developed 5 million sf of industrial, office and retail projects in the greater Seattle area. His charge with Panattoni will be to source new opportunities while continuing to build out the two Puget Sound projects launched by Panattoni’s Portland, OR-based partner Mike Wells.”With those being kicked off and having some success, Panattoni decided to open up an office,” Brynstad tells GlobeSt.com. “This is a chance to oversee an office and grow it from scratch.”As a Panattoni partner, Brynstad is not salaried; rather, he will have ownership in the Seattle-area projects that the company develops. In addition to drumming up new development projects, Brynstad will be looking to build out two existing projects: Rainier Park of Industry in Sumner, WA and Seaway Business Center in Everett, WA.The 50-acre Sumner property currently holds one 234,000-sf building that will soon be 100% leased. Existing tenants are Simmons Mattress and Star Pipe. A third tenant that will fill out the building will be signing a lease “any day now,” says Brynstad. Lease rates for that facility are $0.31 per sf per month for larger tenants and $0.35 for smaller tenants. The 30-acre Everett property currently holds one 60,000-sf building that is about two-thirds leased. The asking rates there are $0.40 pr sf per month for the shell rent and $1.20 per sf per month for office build out.