December 9, 2020, 9:00AM
星空体育app下载 announces that it has arranged the off-market, joint venture transaction of a life science portfolio in Seattle鈥檚 South Lake Union for $450 million. The transaction is the largest sale completed in the state of Washington year-to-date.[1]
星空体育app下载鈥檚 Co-Head of U.S. Capital Markets and Executive Managing Directors and cooperated with Vice Chairman, , Executive Managing Directors and and Senior Managing Director to represent the seller, an affiliate of Alexandria Real Estate Equities, Inc, a preeminent national developer, owner, and operator log life science real estate. The buyer, Clarion Partners, has acquired a 70 percent interest in the properties.
鈥淭his transaction marks the first core life science offering in the Seattle market in several years,鈥� said Shannon. 鈥淟ife science fundamentals are faring better than the overall office fundamentals with rents that are now ranging from $65 to $70 NNN annually, which allowed us to achieve record setting pricing for the Puget Sound marketplace.鈥�
Ottele added, 鈥淭he Puget Sound ranks third nationally for life science growth over the past five years with venture capital having increased 120 percent during that time frame.鈥�
The portfolio, located at 1201 Eastlake Avenue E, 1208 Eastlake Avenue E, and 199 East
Blaine Street, encompasses 322,858 square feet of first-class office and laboratory space and is 100 percent leased to strong life science tenants.
The portfolio features premier facilities designed and constructed to represent the highest technical specifications and capable of accommodating a broad range of occupancy requirements. Many of the tenants recently completed significant improvements consisting of lab/office renovations, upgraded lab compressed air systems and expanded collaboration spaces.
One driving force behind Seattle鈥檚 recent success has been its emergence as a national life science hub, which can be attributed to the combination of research, NIH funding, strong employment growth, educational opportunities and depth of skilled labor pool.
The life science market in Seattle, which is concentrated in the Lake Union submarket and measures roughly six million square feet of inventory, has exceeded the performance of the overall market by a wide margin. Overall vacancy among Seattle life science buildings was less than 4 percent in the third quarter, and new inventory is virtually impossible to find, putting strong upward pressure on asking rents, according to . Seattle has ranked among the strongest real estate markets in the country in recent years and is on track to become the top office market in the nation for sales velocity in the fourth-quarter 2020.
[1] 星空体育app下载 Research, Real Capital Analytics
About 星空体育app下载 (Nasdaq: NMRK)
星空体育app下载 Group, Inc., together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, 星空体育app下载 generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow .
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