Port of Seattle Approves Long Term Ground Lease

Part of the Port of Seattle’s Terminal 106 along East Marginal Way will become the site of a new 700,000-square-foot warehouse that will “support e-commerce, manufacturers and logistics providers that support maritime industries,” thanks to a newly approved ground lease between the port and Trammell Crow Company.

Under the long-term lease, the port’s old warehouse will be demolished and a new two-story light industrial facility will be developed.

“We are pleased to be working alongside the Port of Seattle on this important project, which will create a significant advantage for the port as it advances its logistics capabilities and ability to attract world-class industrial tenants to this market,” said Mark Netherland, a managing director with TCC Seattle. “The new building will provide state-of-the-art logistics capabilities and include features that current and future industrial tenants require for their space.”

The project, which is expected to be complete by 2024, is expected to bring about 140 construction jobs and support about 650 to 1,200 full-time employees, according to the port.

“Industrial lands are the backbone of our region’s economic resilience and full of untapped potential,” said Port Commissioner Peter Steinbrueck. “Putting a strategic property back into productive use creates immediate construction jobs and lasting economic development opportunities for nearby underrepresented communities.”

By Pacific Maritime