When timber company Weyerhaeuser decided to buck the suburban trend and relocate from Federal Way to Pioneer Square, that opened up a 425-acre campus with over 750K sq. ft. of office, research and industrial space that needed a new owner. Enter L.A.-based Industrial Realty Group, who just purchased the campus for $70.5 million. There likely won't be another big corporate tenant this time around, however, as they plan to sell off pieces of the land for redevelopment. Revitalizing old corporate campuses is IRG's thing and they expect at least one new tenant to lease the headquarters building. Weyerhaeuser also plans to continue leasing the technology center even after the corporate headquarters moves into their new 150,000-square-foot HQ at 200 Occidental Avenue S.
· Sale of Weyerhaeuser's Federal Way campus means more intensive development [ST]
· Weyerhaeuser HQ Relocating to Pioneer Square from Federal Way [CS]