OpenSquare Leases Westcore Properties’ Waterfront Warehouse in Seattle
Popular workplace solutions company sees opportunity at strategic location
SEATTLE (July 28, 2017) – With a ‘who’s who’ clientele of Washington’s top companies, Seattle’s workplace solutions company OpenSquare will soon occupy a 75,048-square-foot, newly renovated warehouse building at 303 River Street, along Seattle’s waterfront port area. OpenSquare entered into a five-year lease with Westcore Properties at an undisclosed amount for the entire property. After acquiring 303 River Street last year, Westcore performed an extensive remodel that included new site work, exterior upgrades, office improvements and dock area and slab upgrades. The property offers close proximity to the Port of Seattle, 25-foot clear height and heavy power service.
“OpenSquare is helping many of the companies shaping Washington’s economy to create environments that support healthy and happy workplaces,” said Steve McKibben, senior vice president at Westcore Properties. “We’re happy to provide top-of-the-line warehouse space to support their thriving operation.”
Westcore Properties was represented by Mike Roy and Kevin Skillestad of Neil Walter Company in the lease transaction, while Kidder Matthews’ Matt Wood and Patricia Loveall represented OpenSquare.
“The South Seattle industrial market is the strongest it has been in the last 10 years, with rental rates doubling over the last five years and a majority of that taking place in the last two years,” said Skillestad. “The availability of land is so limited that multi-story industrial space is now being constructed to meet the demand of the market.”
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $4 billion in industrial and office assets, comprised of more than 750 buildings and totaling over 45 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; Sacramento; and Denver, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.