Home Commercial 109,000 SQFT Econet Building in Downtown Seattle Sells for $21.5MM

109,000 SQFT Econet Building in Downtown Seattle Sells for $21.5MM

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Seattle, Econet Inc, Kaleb Group, Alexandria Real Estate Equities, Belltown, Denny Triangle, South Lake Union, life sciences
Image courtesy of Kaleb Group

By Jack Stubbs

The life sciences is a growing sector in the Puget Sound region, and an office/medical/lab building leased to several biotech companies in Seattle’s ever-active Denny Triangle neighborhood yesterday changed hands.

On Monday, June 11th, the Econet Building sold for $21.5 million, or approximately $308 per square foot, according to public records filed with King County. The buyer was Elliott Bay Ventures LLC, an entity affiliated with Trent Jackson based in San Francisco. The seller was an entity affiliated with Sang Sin of Econet Inc., a biotechnology and pharmaceutical company based in Tacoma.

The four-story Econet Building, located at 3005 First Ave. in the Denny Triangle/Belltown neighborhood, comprises 109,347 gross square feet of office/medical lab space, according to the property listing on Kaleb Group’s web site. The property, which was built in 1990 and renovated in 2012, includes 69,810 of rentable square feet.

According to Christina Chong and Peter Ahn of Bellevue-based real estate company Kaleb Group, who are listed as the brokers for the property, the asset is currently leased to tenants including Univera, Plant Healthcare and Universal Cells.

The office building features a recently-remodeled lobby, a gym/wellness center, a rooftop patio and 94 parking stalls across two levels. Additionally, the property also includes a 250-seat auditorium, secure building and parking access and street-level loading docks.

The web site for the property also highlights the asset’s proximity to Seattle’s active life sciences and biotech community in South Lake Union and its location on the waterfront that offers views of the Puget Sound, Elliott Bay and the Olympic Sculpture Park. The property is approximately one mile from the Convention Center in the downtown core and less than one mile from access to Washington State Route 99 and Interstate-5.

Over the last few months, Seattle and the wider Puget Sound region has become increasingly recognized as a hub for life sciences activity, but the growing sector is still making up ground on other cities across the country. New Jersey has the fourth largest life sciences cluster in the country after the San Francisco-San Jose Bay Area, Los Angeles-Orange County, and Boston-Cambridge, according to a 2018 Life Sciences report written by CBRE. According to the report, Seattle had the 13th largest figure of employment in the life sciences sector as of third quarter 2017, with the Bay Area, Los Angeles and Boston leading the way.

A number of research and development buildings in the region have sold in recent months, and the recent sale of the Econet Building indicates that activity in the sector shows little signs of slowing. On January 31st, Boston-based Partner Therapeutics Inc. acquired an 89,000 square foot research and development facility in Lynnwood from healthcare company Sanofi-Aventis U.S. LLC for $45.6 million. And on March 9th, Seattle-based Immunex Corporation sold three research and development buildings totaling 150,000 square feet for $21.5 million to an entity affiliated with Bellevue-based Taylor Development Inc.