{"id":1004576565,"date":"2022-04-18T04:08:41","date_gmt":"2022-04-18T12:08:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004576565"},"modified":"2022-12-08T23:20:12","modified_gmt":"2022-12-09T07:20:12","slug":"biomed-realty-pays-127m-for-seattle-life-sciences-site","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/biomed-realty-pays-127m-for-seattle-life-sciences-site\/","title":{"rendered":"BioMed Realty Pays $127M for Seattle Life Science Site"},"content":{"rendered":"
\"Denny<\/a>

Denny Park South. Image courtesy of BioMed Realty<\/p><\/div>\n

BioMed Realty <\/strong>has acquired Denny Park South, two adjacent parcels in Seattle totaling 1.6 acres, for $126.8 million, according to King County records. An entity affiliated with Clise Properties sold the South Lake Union\/Denny Triangle site. The two parcels at 2301 Eighth Ave. and 2300 Seventh Ave. are set to house BioMed\u2019s proposed 616,000-square-foot project, aimed at tenants active in the life science and technology fields.<\/p>\n

To make way for the new development, the new owner has already filed permits to demolish the existing buildings on the site\u2014the Loyal Inn and the neighboring 22,764-square-foot Class B office building that has a 52-car parking lot\u2014 according to the Puget Sound Business Journal.<\/em><\/p>\n

The Seattle life sciences landscape<\/h2>\n

The current acquisition of Denny Park South, paired with the recent purchase of T6 Innovation Center at 200 Taylor Ave. N, represents a potential 1.2 million-square-foot pipeline for the new owner. These new developments would double BioMed\u2019s Seattle portfolio, which also includes the recently completed Dexter Yard building less than a mile away from Denny Park South. The 15-story life sciences building at 700 Dexter Ave. N encompasses 522,760 square feet and is proposed for LEED Gold certification, CommercialEdge data shows.<\/p>\n

\n

READ ALSO:<\/strong> Where Are the Next Life Sciences Hubs?<\/a><\/p>\n

\n

Based on Colliers data, at the end of 2021, the Seattle life sciences market had nearly 1.4 million square feet of projects underway. The metro had a 7.8 million-square-foot inventory at a 6.9 percent overall vacancy. The metro\u2019s leading submarket relative to vacancy was Lake Union, with a vacancy rate of less than 1 percent.<\/p>\n

Notable tenants occupying BioMed properties across the Seattle metro include the Seattle Children\u2019s Research Institute, Omeros Corp. and Shape Therapeutics, among others.<\/p>\n

BioMed Realty is also an active investor in the life sciences sector. Recently, the Blackstone subdivision acquired a 22-building life science and office complex totaling 1 million square feet in Boulder, Colo. The new owner shelled out a little over $600 million<\/a> for the 90 percent occupied property.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Blackstone unit is on track to double its footprint in this market.<\/p>\n","protected":false},"author":1763,"featured_media":1004576566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,21754,21742,15],"tags":[32854,32892,48689],"class_list":["post-1004576565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-medical-office","category-latest","category-west","tag-biomed-realty","tag-blackstone","tag-clise-properties-inc"],"acf":[],"yoast_head":"\nBioMed Realty Pays $127M for Seattle Life Science Site - CPE<\/title>\n<meta name=\"description\" content=\"BioMed Realty paid nearly $127 million for a 1.6-acre site for its proposed 616,000-square-foot life sciences project in Seattle.\" \/>\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\/biomed-realty-pays-127m-for-seattle-life-sciences-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BioMed Realty Pays $127M for Seattle Life Science Site\" \/>\n<meta property=\"og:description\" content=\"BioMed Realty paid nearly $127 million for a 1.6-acre site for its proposed 616,000-square-foot life sciences project in Seattle.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/biomed-realty-pays-127m-for-seattle-life-sciences-site\/\" \/>\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=\"2022-04-18T12:08:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:20:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/Denny-Park-Image-courtesy-of-BioMed-Realty-e1650278083848.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"398\" \/>\n\t<meta property=\"og:image:height\" content=\"299\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/biomed-realty-pays-127m-for-seattle-life-sciences-site\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/biomed-realty-pays-127m-for-seattle-life-sciences-site\\\/\"},\"author\":{\"name\":\"Agota Felhazi\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"headline\":\"BioMed Realty Pays $127M for Seattle Life Science Site\",\"datePublished\":\"2022-04-18T12:08:41+00:00\",\"dateModified\":\"2022-12-09T07:20:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/biomed-realty-pays-127m-for-seattle-life-sciences-site\\\/\"},\"wordCount\":345,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/biomed-realty-pays-127m-for-seattle-life-sciences-site\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/04\\\/Denny-Park-Image-courtesy-of-BioMed-Realty-e1650278083848.jpg\",\"keywords\":[\"BioMed Realty\",\"Blackstone\",\"Clise Properties Inc.\"],\"articleSection\":[\"Development\",\"Investment\",\"Medical Office\",\"News\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/biomed-realty-pays-127m-for-seattle-life-sciences-site\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/biomed-realty-pays-127m-for-seattle-life-sciences-site\\\/\",\"name\":\"BioMed Realty Pays $127M for Seattle Life Science Site - 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