Weyerhaeuser Co. is leaving Federal Way.
It's moving its head office to Seattle's Pioneer Square.
Seattle Mayor Ed Murray is expected to make the announcement later this afternoon.
In a statement Tuesday, Weyerhaeuser said its campus in Federal Way no longer fit the company's needs.
“There are two main drivers for this decision, which we made after thorough analysis of various options for the location of our headquarters,” said Doyle R. Simons, president and CEO. “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.”
The company plans to sell its land and buildings in Federal Way.
The mayor's office in Federal Way said it got the official word today.
A spokesman said the city expects to lose 800 jobs.
Weyerhaeuser, one of the region's cornerstone companies, was founded in Tacoma more than a century ago. It's been in Federal Way for about 40 years.
The company owns or manages nearly 7 million acres of timberlands, primarily in the United Sates. It also manages another 14 million acres under long-term licenses in Canada.
Its new corporate headquarters will be located at 200 Occidental Avenue in Seattle. The move will occur in 2016 when construction of its new building is complete.
