SEATTLE –– Ground broke Wednesday on a new 197,000-sq.-ft., 9-story, purpose-built life sciences development in downtown Seattle named 222 Fifth. The project is a joint venture between LPC West and Intercontinental Real Estate Corporation, with CBRE serving as leasing advisor. 222 Fifth is LPC’s second life sciences project in Seattle. Construction is scheduled to complete in early 2024.
222 Fifth, located at the entrance to the Seattle Center and the base of the Space Needle, is the first in a wave of new developments poised to usher in the region’s newest life sciences hub: the South Lake Union Innovation District.
“Seattle is on the cutting edge of international research and discovery. We’re thrilled to join its vibrant research community through this unique 222 Fifth project, which will anchor an exciting new life sciences cluster for the region,” said Nicole Griffin, Asset Manager with Intercontinental Real Estate Corporation.
“222 Fifth is designed with market-leading life sciences space specifications and amenities that exceed other facilities in Seattle. In the midst of all that Seattle Center has to offer, and over a million square feet of new development nearby, we’re excited to be at the forefront of this intersection of research, live and play,” said J.P. Harlow, Senior Vice President with LPC West, which owns and operates over 5.5 million sq. ft. of life sciences facilities on the West Coast.
222 Fifth will anchor the South Lake Union Innovation District, spanning one-third of a city block. The project is purposefully built for research with outside air exchange, dedicated emergency power, side-loaded floors ideal for lab layouts, ample ceiling heights, and a loading dock specifically designed for lab use. The building will also have on-site security, a 10,000-sq.-ft. outdoor view deck for tenant gatherings overlooking Seattle Center Park, and initial plans call for a coffee shop and evening bar.
New residential and retail space is slated for the mixed-use district. Several apartment projects are underway, with the most recent being MainStreet’s SiteLine Luxury Apartments. That project is scheduled to deliver 181 luxury apartments, 43 affordable units, and 50,000 sq. ft. of shopping and other commercial space by 2023. The area is also surrounded by existing restaurants, retail, cultural venues, recreation, and transit options.
“This will be a one-of-a-kind project, in a one-of-a-kind location. In addition to the highest-end lab space specifications, 222 Fifth offers unmatched access to world-class performing arts and sports entertainment. This beautiful, Gensler-designed building will have a tremendous impact on the Seattle Center neighborhood and will meet a need in the market for high quality lab space,” said Paul Carr, Senior Vice President with CBRE’s Life Sciences group in Seattle.
The Greater Seattle area is the eighth largest life sciences market in the U.S. according to CBRE’s latest report on the sector. The Puget Sound region is home to 9.2 million sq. ft. of life sciences space, as of the end of the first quarter of 2022, with an additional 3 million+ sq. ft. slated to deliver within the next four years. Demand from life sciences companies remains strong, with 25 tenants in the market for a cumulative 847,000 sq. ft. of space at quarter’s end.
South Lake Union is already home to many of the Puget Sound region’s largest life sciences and research organizations, including the Bill & Melinda Gates Foundation, the Allen Institute for Brain Science, the Fred Hutch Cancer Research Center, and the UW School of Medicine.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades long experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, or owned collectively over $19.5 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $14.5 billion for its clients. The Intercontinental portfolio is diversified both by robust property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in Value-Add operating properties and development projects.