Port of Seattle
04.15.2019
Heartland has been a strategic partner to the Port of Seattle, providing comprehensive real estate strategy solutions focused on redevelopment economics and implementation strategies for properties within the Port’s portfolio. In this role, Heartland has demonstrated a strong ability to strategize, engage stakeholders, perform rigorous financial analysis, and implement effective strategies.
Our collaboration with the Port began with the development of the Real Estate Strategic Plan (“RESP”) in 2016, which we have continued to update and implement. This RESP involved detailed property-specific and portfolio-level financial analyses, testing alternative development scenarios, and identifying practical next steps for execution. We effectively coordinated a multi-disciplinary consultant team and designed a stakeholder outreach process that included internal teams, an external advisory committee, and direct engagement with over 20 cities and King County.
Heartland prepared presentation materials and participated in study sessions with Port Commissioners, ensuring a seamless communication process throughout. Our extensive knowledge of the Port’s assets and objectives has been integral in marketing industrial and maritime ground lease development opportunities, supporting build-to-suit lease negotiations, and providing financial analyses to inform new strategic initiatives.
Our work with the Port also includes the Northwest Seaport Alliance (“NWSA”) Real Estate Strategic Plan, where we collaborated with NWSA, the Ports of Tacoma and Seattle, industry partners, and elected officials to identify major real estate needs and strategies to enhance performance in a competitive market. Additionally, we formulated the SEA Real Estate Strategic Plan in 2024 to address how the Port can leverage its real estate portfolio to manage long-term growth at one of the United States’ most land constrained major airports.
A highlight of our ongoing partnership with the Port is the 2025 $122M acquisition of a three-building, approximately 548,000 SF office portfolio in SeaTac. This acquisition was crucial in providing the operational flexibility needed for the airport’s capacity expansion, underscoring our expertise in high-stakes, complex transactions.
