Northwestern Mutual Grabs Space in Tacoma’s Tallest Office Tower
February 15, 2022 (TACOMA, WA) –
Northwestern Mutual Life Insurance Co. has signed a 15,000-square-foot lease for office space in Tacoma's tallest tower.
The 25-story 1201 Pacific building, previously called Wells Fargo Plaza, is owned by Seattle-based Unico Properties. The 1970 tower has 327,000 square feet, including more than 27,000 square feet currently available for rent, in addition to the space taken by Northwestern Mutual...There was no office space in all of Pierce County currently under construction in the fourth quarter of 2021. Asking rents for Class A space in Tacoma's CBD were about $30 per square foot, well below the Puget Sound region average of $43.
Harrison Laird, broker at Lee & Associates, expects Tacoma’s office market to turn around as new multifamily developments fill up with tenants.
“Businesses want to be where the talent is,” he said. “Tacoma’s rapidly increasing housing stock has allowed for thousands of new residents to move downtown, quickly increasing the city’s talent pool. We are currently seeing a steady flow of businesses looking to move into and expand in the CBD.”
However, after two years of working from home, some employees are reluctant to return to the office.
Lee & Associates