So what would be wrong with Smead moving completely out of Seattle and setting up HQ in one of better suburbs of Seattle?
It sends the message that they like Washington State but that Seattle is a lost cause. By staying in that area, it helps retain their workers.
They're making a clear POLITICAL statement.
They no longer TRUST the political leaders to PROTECT them and to keep law & order.
When you've lost ALL confidence in those things you PULL the PLUG and move on.
This is probably just the beginning of Seattle financially going rapidly BACKWARD.