Breaking ground for new Seattle air cargo facility
The port of Seattle and Burien city in the US state of Washington, and Panattoni Development recently broke ground on a 10.6 ha site which will house two class A industrial warehouses, totalling 42,500 sqm. Both buildings are scheduled to be delivered in early 2018.
The site in Burien, known as the northeast redevelopment area, will anchor 600 to 800 jobs in the next three years. The companies co-locating on site will be involved in storage, processing, airport services and logistics related to aviation, among others.
The port’s agreement with Panattoni Development includes a 55 year initial term plus two ten year extensions, for a 75 year total, with an initial annual rent of just over USD 1 million. (ah)