IRG 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,” says 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.”

According to a prepared statement, 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 US. 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 the transaction. Columbia Pacific Advisors provided the $50 million first mortgage for the purchase. The $50 million loan to IRG for the Weyerhaeuser property was completed on a condensed schedule. “Closing loans quickly and efficiently is standard practice for Columbia Pacific,” says Brad Shain, managing director of the firm's real estate lending strategy.

“We are fully capitalized, which allows us to be flexible on the deal structure and timeline,” Shain adds. “Columbia Pacific is proud to be part of the sale of the Weyerhaeuser property right in our backyard – land that will provide much-needed office and industrial space strategically located between Seattle and Tacoma.”

FEDERAL WAY, WA—Industrial Realty Group LLC has finalized 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.

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.

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,” notes 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.”

According to IRG CEO, John Mase, “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.”

IRG 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,” says 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.”

According to a prepared statement, 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 US. 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 the transaction. Columbia Pacific Advisors provided the $50 million first mortgage for the purchase. The $50 million loan to IRG for the Weyerhaeuser property was completed on a condensed schedule. “Closing loans quickly and efficiently is standard practice for Columbia Pacific,” says Brad Shain, managing director of the firm's real estate lending strategy.

“We are fully capitalized, which allows us to be flexible on the deal structure and timeline,” Shain adds. “Columbia Pacific is proud to be part of the sale of the Weyerhaeuser property right in our backyard – land that will provide much-needed office and industrial space strategically located between Seattle and Tacoma.”