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Seattle & Northwest  + Pacific Northwest  + Office  | 
Tacoma tower on Pacific Avenue

Tacoma’s Tallest Tower Lands Large Lease

Tacoma’s tallest office building has a new tenant: Northwestern Mutual Life Insurance Co. has signed a 15,000-square-foot lease, according to a news release.

The tower formerly known as Wells Fargo Plaza is now the 25-story 1201 Pacific Building, and is owned by Seattle-based Unico Properties. The tower has 327,000 total square feet, with 300,000 of those already occupied, in addition to Northwestern Mutual’s new lease.

Northwestern Mutual Life is aiding the occupancy rate in Tacoma, which has somewhat stagnated, according to a recent CBRE report. The report shows there were 3 million square feet of leased office space in Tacoma’s central business district at the end of 2021, with a 19.2% vacancy rate.

Financially, Northwestern Mutual had a banner fiscal year in 2021. According to its website:  “As a mutual company, Northwestern Mutual shares its success with policyowners in the form of annual dividends, and, as previously announced, the total expected 2022 dividend payout is the largest ever – $6.5 billion.”

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Northwestern Mutual Life

About Jason Middleton

  • ◦Lease
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