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March 18, 2021

IRG to preserve more of former Weyerhaeuser HQ

Since paying about $70 million five years ago for the former Weyerhaeuser campus in Federal Way, Industrial Realty Group has run into challenges in repurposing the wooded, 400-acre campus. Local conservation groups have objected to new industrial buildings alongside the famous 1971 “sidescraper” office building, with its 337,000 square feet. (Colliers is brokering the space.) For what's dubbed Woodbridge Corporate Park, IRG recently announced some environmental compromises including a view-conservation easement, to keep the building visible from the freeway; preservation easements for the building facade; and preservation of a forested buffer so that potential new buildings would be hidden. IRG's Dana Ostenson said in a statement, “The revenue generated from the development of the property pays for the preservation of the campus. We are recreating at Woodbridge the critical jobs and tax base lost after an exit by a large company.” IRG anticipates that the campus, once filled and redeveloped, could generate over 3,000 new jobs and contribute $6.8 million in annual tax revenue to the city of Federal Way. New logistics and warehouse space is particularly valuable in that area.




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