Home Commercial BioMed Realty Sells Bothell Property for $17.8MM

BioMed Realty Sells Bothell Property for $17.8MM

By Vladimir Bosanac

San Diego-based BioMed Realty, one of the leading providers of real estate solutions to the life science community, sold one of its Bothell properties last week to Seattle Genetics, a NASDAQ-listed biotechnology company that develops and commercializes antibody-based therapies for the treatment of cancer. The purchase price for the 51,000 square foot Monte Villa Parkway Research Center was $17.8 million, or $349 per square foot, according to public records. The property had been recently occupied by Bristol-Myers Squibb, which used it as pharmaceutical manufacturing facility.

The building is located at 3450 Monte Villa Parkway in Bothell, and BioMed had owned it since August of 2004 when it paid $16.2 million for the property.

“This turnkey manufacturing facility provides the capability, capacity and skilled workforce needed to support our expanding antibody-drug conjugate and immuno-oncology pipeline, and complements our existing outsourced manufacturing model,” said Vaughn Himes, Ph.D., chief technical officer of Seattle Genetics in a prepared statement. “In addition, its location near our corporate headquarters will provide operational synergies with our current technical operations team and underscores our strategy for continued growth in Washington state.”

Seattle Genetics is headquartered in Bothell. According to its web site, it is located in several buildings on 30th Drive S.E. The company also owns a European entity by the name of SeaGen International GmbH, which is headquartered in Zug, Switzerland. According to a company statement, Seattle Genetics plans to utilize the facility primarily for antibody production for current and future pipeline programs. As part of the transaction, the company intends to offer employment to the manufacturing facility’s current employees.

In October of 2015, BioMed entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone acquired all outstanding shares of common stock of BioMed Realty for $23.75 per share in an all-cash transaction valued at $8 billion.