{"id":1004551230,"date":"2021-09-22T03:52:21","date_gmt":"2021-09-22T11:52:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004551230"},"modified":"2022-12-09T02:51:37","modified_gmt":"2022-12-09T10:51:37","slug":"clarion-pays-364m-for-majority-stake-in-life-science-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/clarion-pays-364m-for-majority-stake-in-life-science-asset\/","title":{"rendered":"Clarion Pays $364M for Majority Stake in Life Science Asset"},"content":{"rendered":"
\"\"<\/a>

The Alexandria Center<\/p><\/div>\n

Alexandria Real Estate Equities has completed the sale of a 70 percent stake in The Alexandria Center, a Class A life science asset totaling 290,111 square feet in Seattle. Clarion Partners paid $364 million for the majority interest in an off-market transaction facilitated by Newmark.<\/p>\n

The sale equates to $1,255 per square foot, which is the second-highest price per square foot for any Seattle life science asset, according to Newmark. The property was fully leased at the time of the transaction.<\/p>\n

\n

READ ALSO:<\/strong> New Dawn for Life Sciences Real Estate<\/a><\/p>\n

\n

Developed by the current seller in 2017, the 12-story property is located at 400 Dexter Ave. N., within the city\u2019s Lake Union submarket. The LEED Gold and Fitwell-certified building was designed by Collins Woerman.<\/p>\n

The office and biotech research space served as Juno Therapeutics\u2019 global headquarters until 2019, when the company was acquired by Bristol Myers Squibb, now the anchor tenant. The mid-rise is also home to Alexandria and The Collective, a social club that provides fitness facilities, a restaurant and an artist-in-residence studio, among other spaces and amenities.<\/p>\n

Alexandria Center’s list of notable neighbors includes the Amazon-anchored 400 Ninth Ave., as well as the Bill & Melinda Gates Foundation. The property is less than 2 miles from downtown Seattle.<\/p>\n

Seattle, a booming life sciences hub<\/h2>\n

A recent JLL report evaluating 110 U.S. markets named Seattle-Tacoma-Bellevue<\/a> as the top metropolitan area in terms of life science employment acceleration. Venture capital coming into life sciences in the Puget Sound area reached $1.1 billion in the first quarter of 2021, marking a 300 percent year-over-year growth, according to Newmark research.<\/p>\n

In April, a partnership between Trammell Crow Co. and Washington Capital Management sold a life science development in downtown Seattle only months after its completion. Boren Lofts traded for $119.1 million<\/a>.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The deal marks the second-highest price per square foot for the asset class in Seattle. <\/p>\n","protected":false},"author":1763,"featured_media":1004551231,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,15],"tags":[32827,32790,50999],"class_list":["post-1004551230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-west","tag-alexandria-real-estate-equities-inc","tag-clarion-partners","tag-newmark"],"acf":[],"yoast_head":"\nClarion Pays $364M for Majority Stake in Life Science Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/clarion-pays-364m-for-majority-stake-in-life-science-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clarion Pays $364M for Majority Stake in Life Science Asset\" \/>\n<meta property=\"og:description\" content=\"The deal marks the second-highest price per square foot for the asset class in Seattle.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/clarion-pays-364m-for-majority-stake-in-life-science-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-22T11:52:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:51:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/The-Alexandrai-Center-e1632307108697.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"992\" \/>\n\t<meta property=\"og:image:height\" content=\"745\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/clarion-pays-364m-for-majority-stake-in-life-science-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/clarion-pays-364m-for-majority-stake-in-life-science-asset\/\",\"name\":\"Clarion Pays $364M for Majority Stake in Life Science Asset - 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