SEATTLE -- One-hundred-fourteen-year-old wood products giant Weyerhaeuser is moving its headquarters from Federal Way to Seattle's Pioneer Square.

President and CEO Doyle Simons said Tuesday that the existing 430-acre campus is costly and too large for company needs. He adds that the move will give the company "access to a larger talent pool" to meet future recruiting needs.

The move will happen in 2016 when construction of a new building in Seattle's Pioneer Square area is complete.

Seattle Mayor Ed Murray says the company will relocate all 900 jobs to the new building,which reportedly will be about 165,000 square feet, half of the size of their headquarters.

"This is a game changer," said Murray.

Pioneer Square has seen its ups and downs over the years. Drug dealing, homelessness and sporadic violence has kept locals away. Landmark businesses have moved out. In recent years; however, tech firms have set up shop, revitalizing the area to some degree. The addition of heavyweight Weyerhaeuser could further signify the square's come back.

"900 new employees will come to work here every day. A new building to be constructed, new restaurants, this is a significant financial plus for the city of Seattle," said Murray.

The move is a massive blow to the city of Federal Way, which has been home to Weyerhaeuser since 1971. King County Councilman Pete von Reichbauer issued a statement saying that he would work with all parties to "make lemonade out of lemons."

Weyerhaeuser is one of the world's largest private owners of timberlands and one of the largest manufacturers of wood and cellulose fibers products. Founded in Tacoma in 1900, it moved its headquarters to Federal Way in 1971.

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