Newmark: Lease Award for the Prato District Technology Center, a 38-acre Creative Office / Flex Space innovation hub in Tukwila, Washington
September 23, 2021 12:00
Newmark Knight Frank (“Newmark”) announces that it has secured the lease of the Prato District Technology Center, a new state-of-the-art Class A creative / flexible campus in Tukwila, Washington. The Prato District includes 250 contiguous acres of ready-made properties to support up to 10.3 million square feet of new commercial and residential developments. Newmark will market the first phase of the Prato district, which consists of 38 acres along Southcenter Parkway.
Newmark Senior Managing Director Taylor Hoff, SIOR, Vice President Thad Mallory, SIOR and Partner Blake Bentz will represent the new project which is part of a ground lease between Ryan Companies US, Inc. and Segale Properties.
“We are delighted to collaborate and work with Marc and his team at Ryan Companies to bring a new Class A project to the Tukwila market. We continue to see tenants looking for creative office and industrial space that n ‘don’t exist in this market, so we’re excited to offer custom build options to businesses with unique needs to meet their space needs, ”Hoff said.
He added, “There is a huge demand for new Class A building products in a market like Tukwila which hasn’t had many new developments like this in decades. Most of the existing buildings were developed in the late 1970s and early 1980s and have become less functional. . ”
“We are delighted to see that the past year of working with the Segale Properties and the Town of Tukwila is bearing fruit,” said Marc Gearhart, Vice President of Real Estate Development. “The expertise and market knowledge of Newmark’s teams should position the site as the main opportunity for custom construction for R&D, office and industrial manufacturing needs focused on proximity with deliveries of buildings in 12-18 month. ”
Located in the heart of Tukwila, off Interstate 5, with access to Seattle and Bellevue in 20 minutes, the Prato District Technology Center is a 38-acre state-of-the-art innovation hub offering creative office floor plans / flexible spaces. The district of Prato, which totals 391 acres including 250 acres of building land, has a development capacity of 10.3 million square feet. This offers businesses and developers the opportunity to develop large-scale projects and campus environments, including multi-family buildings, offices, flexible technologies, retail and light manufacturing, among other potential uses, surrounded natural amenities.
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Our full range of services and products are uniquely tailored to each client, from owners to occupants, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues of over $ 1.9 billion. Newmark, with its London partner Knight Frank and independent licensees, operates worldwide from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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