Breakthrough Acquires Seattle-Area Biomanufacturing Facility
A global biopharma firm will occupy the campus.
Breakthrough Properties has paid $78 million to acquire 215 Shuksan Way, a 270,000-square-foot biomanufacturing facility in Everett, Wash. The firm has also secured a 21-year lease for the entire campus with an undisclosed biopharma company, which plans to create a U.S. manufacturing facility.
The purchase was funded out of Breakthrough’s second life science fund and is the company’s first acquisition in the Puget Sound region. Breakthrough is a joint venture between Tishman Speyer and Bellco Capital.
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215 Shuksan Way was completed in 2024. Pharmaceutical firm Seagen originally planned to occupy the facility, but the approximately $350 million project was halted soon after Pfizer completed its $43 billion acquisition of Seagen in 2023, the Puget Sound Business Journal reported in 2024. According to Yardi Matrix, the most recent owner of the property was Dermody.
The building was designed for end-to-end biomanufacturing and distribution purposes and includes administrative office space. Amenities include an onsite café.
The property’s location is about 25 miles north of Seattle along the Interstate 5 corridor, with close access to Seattle-Tacoma International Airport, Paine Field, the Port of Everett and BNSF railway lines.
Biomanufacturing a key growth area
In January, Breakthrough refinanced its Torrey Heights life science development in San Diego with a $465 million five-year, fixed-rate CMBS loan led by JPMorgan Chase, with Deutsche Bank and Goldman Sachs as co-lenders. The 10-acre, 520,000-square-foot campus is anchored by Pfizer’s oncology division.
Leading indicators in the U.S. life science market, such as IPOs and M&A activity, have been climbing, according to a recent report from Newmark released last week, with biomanufacturing being a particular bright spot. The usual top markets—Boston, the Bay Area, San Diego and Seattle—are benefiting the most, landing a combined total of 4.3 million square feet in leasing during the first half of 2026.
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