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Leasing Efforts Underway for $1.2 Billion Tacoma Development

Colliers International is looking for office and retail tenants to fill up a $1.2 billion waterfront development in downtown Tacoma, Wash. The real estate services company has been given the office and retail assignment for Point Ruston, a green community that will incorporate 120,000 sq. ft. of retail space, up to 125,000 sq. ft. of Class-A office space, and about 1,000 single-family homes, waterfront condominiums and townhouses.

The 97-acre development also includes a 150-room waterfront hotel providing four-star accommodation and a waterfront promenade stretching along Commencement Bay. The neighborhood will feature an open-air lifestyle center.

Mike Cohen, Point Ruston managing partner, says, “We have a superb location with unparalleled views of Mount Rainier, Cascade foothills, the Olympics and Puget Sound, and are in the process of creating a great place to live, work and play.”

Fall 2009 occupancy is planned for the residential component of the site, which is in construction right now. The retail component of the project will include dining outlets, boutiques and specialty stores, galleries and fine art outlets, home furnishing stores, a fitness club, and a local market.

“The site is one of the last waterfront properties of its size and beauty in the region,” according to Mike Horner, vice president for retail leasing and sales with the Colliers Olympia and Tacoma team. “This project is destined to be one of the iconic regional destinations in the greater Puget Sound.”

The Colliers team representing the Point Ruston development also includes Steve Crantz, vice president; and Jeff Bare, vice president for office leasing.

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