Blackstone portfolio firm BioMed Realty has acquired two adjoining growth parcels in Seattle’s South Lake Union totaling 1.8 acres. The parcels can assist the event of class-A lab and workplace house to serve life science firms. The phrases of the transaction, together with the worth, weren’t disclosed.
The growth websites are positioned on the epicenter of Seattle’s rising life science market. It is close to the University of Washington School of Medicine, the Bill and Melinda Gates Foundation, and the Fred Hutch Cancer Research Center, and Amazon, Google, Facebook and Apple all have places of work in the world.
The space is racking up spectacular transactions. In December, Clarion Partners acquired a 70% curiosity in a three-building 322,858-square-foot life science portfolio for $450 million from Alexandria Real Estate Equities. The transaction was the biggest in Washington State final yr and the primary core life science funding alternative in the market since 2014. The deal, together with this new growth play from BioMed, are illustrative of the market progress. According to Jesse Ottele of Newmark and one of many brokers that labored on the Clarion deal, the Puget Sound space ranks third nationally for all times science progress over the past 5 years, and capital funding has elevated 120% throughout that point.
This isn’t BioMed Realty’s first growth play in the world, both. It is presently underneath building on Dexter Yard, a 500,000 sq. foot life science and expertise workplace mission.
Outside of Seattle, BioMed is expanding in different core life science markets like San Diego and Boston. In April, the agency additionally secured growth approval from town of Emeryville, CA, to develop its 12-acre Emeryville Center of Innovation campus. The mission consists of 910,000 sq. ft of latest class A, lab and workplace house, in addition to three acres of public inexperienced house.