Home AEC BioMed Realty Spends $126.8MM on a Seattle Block Next to Denny Park

BioMed Realty Spends $126.8MM on a Seattle Block Next to Denny Park

BioMed Realty Seattle South Lake Union Beebe Realty Dexter Yard Vulcan Real Estate Lakefront Blocks Deka Immobilien

By Vladimir Bosanac

The life science and technology real estate sector in Seattle is one of the most exciting in the country. And BioMed Realty just upped its footprint in the Emerald City with a $126,750,000 purchase of a full city block adjacent to Denny Park, according to public documents. BioMed acquired two properties there, one located at 2300 7th Ave. and the other at 2301 8th Ave., which are jointly on a block bounded by 8th Avenue, Bell Street, 7th Avenue and W Denny Way. The seller was Seattle-based Beebe Realty, an entity affiliated with Clise Properties.

The property located at 2300 7th Ave. is a jewel box office and mixed-use space that provides an all-glass storefront and 17 on-site parking stalls. The 5,604 property is marketed by West Coast Commercial Realty as an opportunity for a unique, one-of-a-kind space in the center of one of the busiest and most significant neighborhoods in the city of Seattle and right across the street from Amazon’s campus.

2301 8th Ave. is home to the Loyal Inn, a 91-room, three-star hotel that appeals to budget travelers to Seattle and bills itself as a proximately choice of stay for visitors who want to be close to many of the sights across the city.

This location is just a few blocks from BioMed’s 500,000-square-foot Dexter Yard project located at 700 Dexter Ave. N, which has been under development since 2018. 

What BioMed plans to accomplish on this block is still uncertain, however, given the proximity to Amazon and other technology giants that occupy the South Lake Union submarket, it is likely going to offer additional inventory for companies like those.

While most of the recent large acquisitions in the region have focused on the Eastside market around Bellevue, the city of Seattle did see a major investment in February of this year from an international property firm. German investment firm Deka Immobilien paid $802 million, or over $1,260 per square foot to acquire from Vulcan Real Estate the 635,000 square foot Google anchored Lakefront Blocks in Seattle’s South Lake Union neighborhood. This submarket is the epicenter of Seattle’s thriving technology, life science and research sectors, and one of the strongest performing submarkets on the West Coast. The submarket hosts the headquarters for Amazon, the Fred Hutch Cancer Research Center, the Gates Foundation, and Juno Therapeutics, as well as the largest Seattle outposts for Google, Apple, University of Washington, Facebook and Tableau/Salesforce.