Weyerhaeuser is moving its headquarters from Federal Way to Seattle's historic Pioneer Square neighborhood, the company announced Tuesday.
The 114-year-old timber company will "divest the land and buildings it owns in Federal Way, Washington," according to a news release.Seattle Mayor Ed Murray and company officials are scheduled to formally announce the move at 5:30 p.m. Tuesday in Pioneer Square's Occidental Park.
Weyerhaeuser president and CEO Doyle R. Simons said there are two main drivers of the decision.
"First, our 430-acre campus in Federal Way is costly and too large for our needs. Second, moving our headquarters to Seattle will give us access to a larger talent pool to meet future recruiting needs, not just in this region, but from across the country," Simons said in the news release.
Weyerhaeuser will move in mid- to late 2016 when a new building at 200 Occidental Ave. is completed.
The Pioneer Square neighborhood has seen a big investment since the recession from developers. Tech companies have moved into many of the buildings.
