Multitude Of Potential Uses A Highlight For Rare In-City Development
One Of The Largest Contiguous, Privately Owned Properties In Seattle
SEATTLE, WA – Large, private land development sites are a rarity in Seattle. Even less common, zoning provisions that allow for multiple uses. The announcement by CBRE today that the Talaris Campus, a 17.8-acre site in the Laurelhurst neighborhood, is coming to the market has already begun generating significant interest.
“This is one of the largest contiguous, privately owned properties in the City of Seattle,” said Tom Pehl, Senior Vice President with CBRE Capital Markets. Pehl, along with Lou Senini and Dean Johnson, are listing the property on behalf of the owner, which includes office and conference facilities, a banquet area and both short and long term residential structures, in addition to the developable land.
A product of the 1960’s, the Property was originally developed as the Pacific Northwest research campus for the Battelle Memorial Institute (BMI), a charitable non-profit corporation dedicated to exploring and commercializing emerging areas of science to benefit individuals and institutions. While initially focusing primarily on physical and life sciences, the institution gradually increased its focus to include behavioral sciences and human affairs. BMI operated the campus until 1997, when it sold the property.
The Property changed hands once more in 2000 when the Talaris Institute took over the campus, dedicating significant time and research towards the study of early childhood development before being acquired by Teaching Strategies in 2012. Since then, Columbia Hospitality has been managing the property primarily as a conference center (still named the Talaris Conference Center), available for private events. With a park like backdrop, juxtaposition to both Seattle Children’s and the University of Washington, and existing single family zoning, the Talaris Campus is available and adaptive to multiple potential uses, including child care, private schools, institutional research or continued and expansive use of the conference facility.
“Considering the rich, research history of the campus, the neighborhood appeal of Laurelhurst and the proximity to some of the finest research institutions in the nation, we think there are tremendous growth opportunities here,” said Pehl. “We’re in the middle of unprecedented growth in Seattle, and any use, whether education-based, medical or single-family residential, will be a welcome asset and direct value to the community.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.