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Panattoni, Port of Seattle Execute Ground Lease for Industrial Development
Panattoni Development Company, Inc. has executed a long-term ground lease with the Port of Seattle for an industrial development at Des Moines Creek Business Park West.
Strategically located just west of the intersection of S 20th Ave S along S 216th Street in Des Moines,
Washington, the site will be transformed into a 405,680-square-foot, state-of-the-art logistics and manufacturing facility. Construction is set to begin this summer, and delivery is anticipated in 2026. Thad Mallory of Newmark and Chris Corr of Kidder Mathews are the leasing representatives for Panattoni.
Located adjacent to the FAA headquarters and just minutes from Seattle-Tacoma International Airport, the site provides access to I-5, SR 509, and the Sound Transit light rail system. “This ground lease represents more than a development—it’s a critical public-private partnership that helps unlock one of the last large-scale industrial opportunities in the region,” said Travis Hale, Partner at Panattoni. Perlo Construction will serve as general contractor, with Nelson Architects as the project architect.
