Life sciences developer Alexandria grows Seattle area footprint, pays $77.5M for land in Bellevue

Alexandria Real Equities, a life sciences actual property developer, has purchased a 5.2-acre property in Bellevue, Wash., for $77.5 million. The acquisition was first reported by the Puget Sound Business Journal.

Alexandria Government Chairman and founder Joel Marcus declined to remark in response to a question from GeekWire.

Alexandria purchased the property from Bellevue firm Pine Forest, which has been planning a big mixed-use improvement for the location. It’s in the Spring Hill neighborhood at 1239 one hundred and twentieth Ave. NE and close to a future gentle rail station that can join Seattle to eastside cities comparable to Bellevue, which is experiencing a tech boom.

Alexandria’s buildings home operations for among the Seattle area’s largest biotech firms, together with Seattle-based Sana Biotechnology and Bothell-based Seagen. Alexandria is creating a life sciences hub at Seattle’s almost three-acre Mercer Mega Block. Although it’s best identified for the life sciences, the corporate additionally owns agtech and tech buildings.

Life sciences house is in demand in the Seattle area, with tenants searching for 1.2 million sq. toes of house and 1.1 million sq. toes of improvement underway that doesn’t but have a tenant signed up, in line with a recent CBRE report. The area has roughly 9 million sq. toes of lab and R&D house, with emptiness charges at 7.1%.

Enterprise funding for the life sciences is at file highs nationally and in the Seattle area. Seattle area life sciences firms raised $898 million in the 12 months ending this September, and $958 million in the earlier 12-month time-frame, in line with the CBRE report. That’s in comparison with $328 million two years in the past, from September 2018 by way of September 2019.

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