Home Commercial Panattoni Development Co. Expands In Tacoma’s Central Business District

Panattoni Development Co. Expands In Tacoma’s Central Business District

Panattoni Development, Tacoma, Seattle, Puget Sound, Alston Construction, Unico Properties, Kidder Mathews
Courtesy of CoStar Group, Inc.

Panattoni Development Co., a prominent industrial developer, is set to relocate its Seattle-area regional branch to a larger office space in the heart of Tacoma’s bustling central business district in February. Irvine, Calif.-based industrial developer and owner will be moving into the 1201 Pacific building, Tacoma’s tallest structure.

This move will see Panattoni occupying an 8,300-square-foot office space, an upgrade from its current 7,000-square-foot premises 1821 Dock Street also in Tacoma. The decision to relocate is driven by the company’s desire for a more premium ‘Class A office building’ that offers secure parking and picturesque water views, according to a report in the Puget Sound Business Journal.

Drew Frame, alongside his brother Will Frame, represented the landlord, Unico Properties, the owners of the 25-story tower. The 308,000-square-foot 1201 Pacific building is currently about 85 percent leased, the report stated.

This relocation is also notable for its shared space arrangement with Alston Construction Co., Panattoni’s sister company, headquartered in San Francisco. Both firms will vacate their existing Dock Street space upon the move.

The shift to downtown Tacoma is part of a broader trend where more companies recognize the South Sound city as a viable and attractive location for office space. Recent leasing activities in the area include engineering giant WSP USA, which took nearly 10,000 square feet in the 1201 Pacific building last summer. In addition, Northwest Mutual Life Insurance Co. followed suit with a 15,000-square-foot lease in 2022.

Additionally, Atwell LLC, an engineering and construction firm, recently leased 5,000 square feet in the Cornerstone Building at 1148 Broadway Ave., bringing its vacancy rate down to approximately 12 percent. Similarly, CliftonLarsonAllen, a public accounting firm, leased space in Tacoma Centre and is investing around $350,000 in tenant improvements. MJR Development’s recent acquisition and renovation of Tacoma Centre further underscore the area’s growing appeal.

Finally, Epic Government’s decision to lease a 27,400-square-foot office space in Fife last month is another testament to the region’s increasing draw for diverse business sectors.