SAN DIEGO, October 23, 2019 – JLL announced today that it has arranged a $19.92 million refinancing for Nexus Canyon Park Research Center, a 152,050-square-foot Life Science/Flex/R&D building in the suburban Seattle community of Bothell, Washington.
Working on behalf of the borrower, San Diego-based Nexus Properties, Inc., JLL placed the loan with a national lender.
Nexus Canyon Park Research Center is located at 21720 23rd Drive SE in the Seattle-Bellevue region’s Eastside office market, which is one of the Puget Sound’s largest and most active office markets with 52.4 million square feet of inventory. Situated within the Canyon Park Business Center, the property is just north of Interstate 405 approximately 15 miles northeast of downtown Seattle. Completed in 1999, the two-story facility recently underwent a partial conversion of space into flex industrial that provides for the potential to appeal to a variety of lab, office and flex users throughout the asset. Current tenants at the property include Epoch Pharmaceuticals, Sony Biotechnology, Inc., Sound Biologics and Shimadzu Scientific.
According to a recent JLL Life Sciences Outlook report, the Bothell Lab Space market contains roughly 1.5 million square feet and despite declining vacancy, continues to be a viable and economical option for both smaller and more established life science companies. The leasing market remains active and should continue to see spillover from Lake Union and Capitol Hill as growing companies look for expansion space.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Tim Wright, Senior Director Zack Holderman, Director Zack Goodwin, and Analyst Anthony Rosetta.
“Bothell is considered a strong secondary life science cluster for tenants seeking more affordable lab or manufacturing space as compared to South Lake Union,” Holderman said. “Tenants are drawn to the area’s skilled labor force, as well as the area’s high quality of life and advantageous location.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Nexus Properties, Inc.
Founded in 1979, Nexus Properties, Inc. is a developer of high-quality corporate facilities, biotech laboratories and flex research and development properties throughout California, Washington and other markets.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.