September 23, 2021 12:00 PM
Newmark announces it has been awarded the leasing assignment of The Prato District Technology Center, a new state-of-the-art Class A creative/flex campus in Tukwila, Washington. The Prato District is comprised of 250 contiguous acres of pad-ready properties to support up to 10.3 million square feet of new commercial and residential development. 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 Chairman Thad Mallory, SIOR and Associate Blake Bentz will represent the new project that is part of a land lease between Ryan Companies US, Inc. and Segale Properties.
“We are thrilled 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 doesn’t exist in this market, so we are excited to offer build-to-suit options for companies that have unique needs, to meet their space requirements,” said Hoff.
He added, “There is huge demand for new construction Class A product in a market like Tukwila that has not had many new developments like this in decades. Many of the existing buildings were developed in the late 70’s and early 80’s and have become less functional.”
“We’re excited to see the last year of work with Segale properties and the City of Tukwila pay off,” said Marc Gearhart, Vice President of Real Estate Development. “The Newmark teams’ expertise and market awareness should position the site as the premier build-to-suit land opportunity for proximity driven R&D, office and industrial manufacturing requirements with building deliveries in 12-18 months.”
Positioned in the heart of Tukwila, next to Interstate 5, with access to Seattle and Bellevue within 20 minutes, The Prato District Technology Center is a 38-acre, state of the art innovation hub offering creative office/flex space floor plans. The Prato District, which totals 391 acres including 250-acres of buildable land, has a development capacity of 10.3 million square feet. This offers companies and developers the opportunity to develop large scale projects and campus environments–including multifamily, office, flex-tech, retail and light manufacturing, among other potential uses–surrounded by natural amenities.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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