Home AEC BioMed Realty Acquires Full Block Development Site in Seattle for $63.4MM

BioMed Realty Acquires Full Block Development Site in Seattle for $63.4MM

BioMed Realty, Clise Properties, Dexter Yard, Seattle, Blackstone, Amazon, Google, Facebook, Apple, UW School of Medicine,
Courtesy of BioMed Realty.

(EDITOR’S NOTE: According to public documents, the deal encompassed two separate transactions. The first transaction, which closed on April 29th, includes a site with an Executive Inn at 200 Taylor Ave. N. The second transaction closed and recorded later the same day and includes four addresses: 233, 225, 221 and 203 Sixth Ave. N. In both transactions, BioMed paid $31.7 million for each half of the block for a total of $63.4 million.)

New property capable of supporting a large-scale multi-tenant campus for life science and technology companies.

SAN DIEGO –  BioMed Realty, a leading provider of real estate solutions for the life science and technology industries, has acquired two adjacent parcels from Clise Properties totalling 1.8 acres in Seattle’s South Lake Union neighborhood. The site at 6th Avenue North and John Street can support a large-scale Class A lab and office building for life science and technology companies.

The site is within close proximity to key demand drivers, including UW School of Medicine, the Bill and Melinda Gates Foundation, and the Fred Hutch Cancer Research Center, along with large technology companies such as Amazon, Google, Facebook and Apple.

“BioMed Realty is proud of our longstanding partnership with the City of Seattle and local community groups to create successful developments such as Dexter Yard, a 500,000 square foot life science and technology office project currently under construction,” said Mike Ruhl, Vice President of BioMed Realty. “We are excited about the opportunity to continue to support Seattle’s status as a core life science market that appeals to a variety of large local, regional and national life science and technology-based employers seeking to tap into Seattle’s rich talent pool.” 

The Clise family has a long history in Seattle, and has been involved in the Seattle commercial real estate market since 1889. Among the family’s many contributions to the community is the founding of Seattle Children’s Hospital in 1907.

“We are very excited to see South Lake Union’s continued growth as a respected global center of excellence in science and technology,” said A.M. Clise, Chairman and CEO of Clise Properties. “We have every confidence that BioMed Realty will provide a positive redevelopment that will leverage local resources.”

About BioMed Realty

BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. BioMed owns and operates high quality life science real estate comprising 13 million square feet concentrated in leading innovation markets throughout the United States and United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle and Cambridge, U.K. In addition, BioMed maintains a premier development platform with 3 million square feet of Class A properties in active construction to meet the growing demand of the life science industry. To learn more about BioMed Realty, visit biomedrealty.com and follow the company on Twitter @biomedrealty.