Cushman & Wakefield represents landlord in full-building lease transaction
SEATTLE, Wash. – August 25, 2022 – Cushman & Wakefield announced the firm has represented BOSA Development, a residential and commercial real estate development and investment firm, in fully leasing a 468,272-square-foot manufacturing/distribution building in the Bomarc Business Park in Everett, Washington. The tenant is GXO Logistics Supply, which expanded its existing footprint by 35% in the freestanding building located at 9205 Airport Rd. in addition to extending its lease term.
Tom Wilson, Taylor Hudson and Ben Conwell with Cushman & Wakefield represented the landlord in the transaction.
“It is great to have re-secured a leading global supply chain tenant in GXO Logistics Supply to not only fill but also recommit themselves to the entire building for a longer period of time,” said Director Tom Wilson. “This lease is reflective of the ongoing demand we continue to see for well-located and functional industrial product in the Puget Sound, a market that maintains strong industrial fundamentals and continues to see growth.”
Situated on over 30 acres, the building is an institutional quality property featuring clear heights ranging from 24’ to primarily 27’, dock and grade loading, office and restroom space to support dense occupancy, excellent power, 673 parking stalls, and ESFR sprinklers.
The property’s location provides excellent access to I-5 via WA 526, and is strategically located immediately east of Paine Field Airport with excellent visibility at the intersection of Airport Rd and 94th St SW.
According to Cushman & Wakefield’s latest Q2-2022 industrial market report, the Puget Sound-Eastside industrial market which Everett is located had an overall vacancy of just 2.8% at mid-year, coupled with nearly 700,000 sf of positive net absorption (occupancy growth) through the first half of 2022. Everett submarket vacancy was even tighter at just 1.6%, with over 200,000 sf of net occupancy growth in the first half of 2022.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.