FROM UNDER ACHIEVER TO TOP PERFORMER

212 Business Park

THE SITUATION

PS Business Parks, a real estate investment trust specializing in office, warehouse, and business park space nationwide, wanted to expand into the Seattle area through the acquisition of 212 Business Park, located in the heart of the Kent Valley, Seattle’s core industrial area. 212 was big—nearly a million square feet—but suffered from deficiencies, including low clear heights, minimal size flexibility, poor site circulation, and a 50 percent vacancy rate.

WHAT WE DID

We developed a strategic plan for redeveloping 212, and then assembled a design, construction, and leasing team to execute it. Improvements included:

• Adding multiple storefronts to divide each building into flexible tenant spaces.
• Abandoning former rail spurs and infilling between the buildings and modifying the former rail-loading doors to drive-in, grade-level access areas. 
• Providing new electrical service to all spaces.
• Creating turnkey spaces throughout the park.

THE OUTCOME

Our team moved quickly on both marketing and delivering the new space. As a result, the project quickly leased up at 100 percent capacity, while achieving rents nearly 40 percent higher than before our redevelopment. 212 Business Park is now one of the highest-yielding investment properties in the PS portfolio.