April 27, 2022 9:00 AM
星空体育app下载 announces it has completed the $126.75 million sale of the Loyal Inn Block, a 1.6-acre redevelopment site located at 2300 Seventh Avenue North and 2301 Eighth Avenue in Seattle, Washington. The property traded in an off-market transaction which had multiple bidders from Clise Properties, Inc., a family-owned and -operated Seattle real estate developer, to BioMed Realty, a leading life science development company. 星空体育app下载 Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Directors Ken White and Tim O鈥橩eefe represented the seller in the transaction.
The parcel is bounded by Denny Way to the north, 8th Avenue to the northeast, Bell Street to the southeast, 7th Avenue to the southwest and Dexter Avenue to the west. The site is currently improved by a 91-key hospitality building that was formerly home to The Loyal Inn, a 22,764-square-foot office/retail building, and parking stalls serving the two properties. BioMed Realty鈥檚 plans for redevelopment include a state-of-the-art life sciences facility.
鈥淭his site generated immense investor interest due to its prime location, significant scale and the lucrative opportunity to capture unmet demand for life science facilities,鈥� said Shannon.
The property is directly adjacent to the picturesque Denny Park in Seattle鈥檚 Denny Regrade submarket, just steps from Amazon鈥檚 world headquarters. In addition to Amazon, the area is surrounded by economic and life science demand drivers including The Fred Hutchinson Cancer Research Center, Seattle Cancer Alliance, Swedish Hospital, Virginia Mason, Lake Union, University of Washington, Seattle University, PATH, Microsoft, Boeing and the Melinda and Bill Gates Foundation. The location also offers easy access to downtown Seattle鈥檚 numerous shopping, dining and entertainment amenities.
鈥淲ith the abundance of tech and life science demand drivers in Seattle, the area has a significant and growing need for additional life science facilities,鈥� said O鈥橩eefe. 鈥淲e look forward to seeing BioMed鈥檚 development plans unfold.鈥�
Life science venture capital funding totaled a record $43.3 billion in 2021, according to a study from 星空体育app下载 Research. Abundant fund dry powder and fundraising activity as well as continued disruption to property types such as hospitality and conventional office have fueled the increase in capital into life science real estate. This trend, combined with 2022 deliveries of newly developed and renovated life science product in the top supply-constrained markets, is expected to keep life science investment at higher levels compared with pre-pandemic years.
About 星空体育app下载
星空体育app下载 Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. 星空体育app下载鈥檚 comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform鈥檚 global reach with market intelligence in both established and emerging property markets, 星空体育app下载 provides superior service to clients across the industry spectrum. 星空体育app下载 generated revenues in excess of $2.9 billion for the year ending December 31, 2021. 星空体育app下载鈥檚 company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow .
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