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New Development at 212 Business Park

New Development at 212 Business Park

Construction Update Video

PS Business Parks, Inc. (NYSE:PSB) recently broke ground on a new ±83,000 SF multi-tenant industrial building located within 212 Business Park, a ±1,000,000 SF multi-tenant industrial park in Kent, WA.

212 Business Park provides convenient access to I-405 and I-5, as well as immediate access to SR-167 and SR-181. This premier North Kent Valley location in the Puget Sound industrial submarket is situated just 5 miles from SeaTac International Airport, 15 miles from Seattle/Bellevue CBD, and 19 miles from the Port of Seattle/Tacoma.

Designed to meet LEED Silver certification standards, this new Class-A industrial building will feature 28-foot clear heights, as well as dock high and grade-level loading capabilities. This rare small-bay development will consist of 6-8 spec suites ranging in size between 10,000 and 20,000 SF.

“Most of the new developments in the Kent Valley these days target big-box distribution users. With our new building at 212, we are sticking with our strategy and offering a unique product for small to medium sized companies. The local brokerage community agrees that there is a definite need for this type of product, and that it should be a very successful project for us,” said Stuart Hutchison PSB’s Divisional Vice President.

Led by Bradley Karvasek, PSB’s Vice President of Development, the project broke ground in the fourth quarter of 2021 and its completion is slated for the fourth quarter of 2022. To ensure the success of the project, PSB retained the services of Trinity Real Estate, Jackson Main Architecture, and Goudy Construction.

“We’ve assembled an experienced development team for this project. As is the case with all our development projects, we are targeting LEED Silver for the new building. Constructed on surplus land, this development will add significant value to the existing park. I am eagerly anticipating the successful delivery of 212,” added Bradley Karvasek, PSB’s Vice President of Development.

According to JLL’s Q4 2021 Market Insights Report, continued tailwinds from 2021 are expected to result in another year of strong tenant demand and development activity in 2022. “The Puget Sound industrial market hit a new high-water mark in leasing and development in 2021. Demand for industrial space in the region has been and will continue to be driven by population growth and the growth of e-commerce.”

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