By Meghan Hall
The life sciences industry is continuing to propel the local office market forward. Major life sciences developer and investor BioMed Realty has notched another acquisition in Seattle, paying $220 million, or about $1,048 per square foot, for a modern, tech-centric office property. Public records indicate that the deal closed on November 15th, and the seller of the property was Clarion Partners.
The property, called “NorthEdge,” is located at 1621 N. 34th St. and serves as Tableau Software’s headquarters, according to the company’s website. Tableau has been a tenant since the beginning of 2017, just several months prior to Clarion’s initial acquisition. Clarion originally purchased the property back in the fall of the same year for $157.85 million, according to public records. Clarion acquired the building from its original developers: AIG Global and Touchstone of Seattle. Tableau’s lease is expected to expire in 2028, although the firm has two seven-year extensions.
Designed by Perkins + Will, the four-story, 210,000 square foot tech building encompasses an entire city block within the Fremont neighborhood. The building features floorplates of up to 50,000 square feet and is organized around a 38-foot-wide central outdoor courtyard.
“Located across from nationally renowned Gasworks Park at Lake Union, NorthEdge takes advantage of its sloping site to create dramatic terraced courtyards that unite two efficient wings,” states Perkins + Will’s website. “A highly transparent lobby offers framed views of the lake and access to a public roof.”
The building takes its name from the waterfront’s industrial history and proximity to Gasworks Park. The Northlake Shipyard is nearby, as is Lumen Bioscience, AI2 Incubator, RDH Building Science Inc., and others. Retailers and other amenities such as Fremont Brewing, Sea Wolf Bakers and others, are located nearby.
BioMed Realty has been active in the Puget Sound and is responsible for projects like the 500,000 square foot Dexter Yard. Most recently, CalPERS approved an $800 million commitment into the Blackstone BioMed Life Science Real Estate Limited Partnership, a pension fund. At the end of last year, according to The Registry’s reporting, the fund had 41 percent of its properties allocated along the West Coast. Five percent of the asset funds were located in Seattle specifically. In the future, the fund will acquire both existing assets and pursue new development opportunities.