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August 01, 2017

OpenSquare Inks 5-Year Lease at 75 KSF Seattle Warehouse

Commercial Property Executive

Adina Marcut

Acquired by Westcore Properties last year, the 75,048-square-foot warehouse is situated near the Port of Seattle. Kidder Mathews worked on behalf of the workplace solutions provider.

OpenSquare, Seattle's workplace solutions company, has entered into a five-year lease with Westcore Properties, a global, entrepreneurial commercial real estate investment firm, for the opening of a 75,048-square-foot warehouse located along Seattle's waterfront port area.

Located at 303 River St., the property is in close proximity to the Port of Seattle and offers 25-foot clear height and heavy power service. Westcore Properties acquired the property last year and made a round of renovations including new site work, exterior upgrades, office improvements, dock area modifications and slab upgrades.

"The South Seattle industrial market is the strongest it has been in the last ten years, with rental rates doubling over the last five years and a majority of that taking place in the last two years," Kevin Skillestad, said in a statement. "The availability of land is so limited that multi-story industrial space is now being constructed to meet the demand of the market."

Mike Roy and Kevin Skillestad of Neil Walter Co. represented Westcore Properties, while Matt Wood and Patricia Loveall at Kidder Mathews worked on behalf of OpenSquare.

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