Home AEC LPC West Pays $42MM for Seattle Development Site With Plans for 195,000...

LPC West Pays $42MM for Seattle Development Site With Plans for 195,000 SQFT Life Science Project

LPC West, Lincoln Property Company, Seattle, South Lake Union, Seattle Children’s Research Institute, Fred Hutchinson Cancer Center, Seattle Cancer Care Alliance, Allen Institute for Brain Science
Courtesy of Joe Mabel

(EDITOR’S NOTE: According to property records filed with King County, LPC West purchased the site from Da Li Development for $42 million. The development site is located at 112-130 5th Avenue.)

SEATTLE — LPC West, the West Coast arm of national real estate firm Lincoln Property Company, has partnered with Intercontinental Real Estate Corporation (“Intercontinental”) to close on a future 9-story office building near Seattle’s Space Needle, with plans to develop the property into a life sciences space.

Located on the border of the South Lake Union and Uptown neighborhoods, the property will feature approximately 195,000 square feet and will cater to the unique needs of the city’s flourishing life-science sector. One of the nation’s top life sciences hubs, Seattle is home to the University of Washington, Seattle Children’s Research Institute, Fred Hutchinson Cancer Center, Seattle Cancer Care Alliance, Allen Institute for Brain Science, the Bill & Melinda Gates Foundation and more.

“The new building at Fifth Avenue and John Street will add a striking addition to one of the nation’s preeminent markets for research and innovation,” said J.P. Harlow, Senior Vice President of LPC West. “This building will help meet the region’s growing demand for spaces to serve the life science sector.”

“We are thoroughly committed to helping meet the needs of one of the nation’s leading markets for the life sciences while further expanding our footprint in Seattle,” said Jessica Levin, Senior Director, Acquisitions for Intercontinental. “The combination of Seattle’s life science fundamentals and the Puget Sound region’s nation-leading funding, growth and talent make this development a compelling long-term investment for our portfolio.”

In June, LPC West and Intercontinental broke ground on another life science building, at 222 Fifth Ave., directly adjacent to the planned life sciences building at Fifth Avenue and John Street.

The Class-A building, which is currently in the early design stages, will feature views of the Space Needle, Climate Pledge Arena, and the Puget Sound. The site offers full transit accessibility, with access to the Seattle Center Monorail, Metro Transit routes and Highway 99. The property is in an area with a Walk Score of 97 – rated a “Walker’s Paradise” – according to a leading neighborhood walkability research firm.

The Puget Sound has earned a reputation as an emerging national hub for the life sciences, evidenced by the one in five Seattle employees working in STEM professions, according to the U.S. Census. Home to one of the world’s top research institutions, the University of Washington, and leading medical organizations, Seattle ranks as the nation’s No. 5 life science city.

The nation’s 15th largest metropolitan area, Seattle has experienced significant economic growth in recent years related to the industry leaders headquartered in the region, including Amazon, Microsoft, and Costco. Between 2010 and 2020, Seattle’s population grew by more than 22% – more than any large U.S. during that period. The city ranked No. 1 on Forbes’ list of “Best Places for Business and Careers.”

The sites are located alongside South Lake Union, a thriving mixed-use neighborhood that hosts close to two dozen leading global health, tech, and research organizations. That includes employers such as Seattle Children’s Hospital and the Fred Hutchinson Cancer Research Center, along with thousands of residential units, and millions of square feet of office and life science space. Approximately $10 billion has been invested in the neighborhood over the last 15 years in the form of development and public infrastructure.

To date, LPC West has been involved in over 4.5 million square feet of transactions across all major life science markets in the west.

About Lincoln Property Company

Lincoln Property Company manages and leases over 403 million square feet of office, industrial, and retail projects, and currently manages over 212,000 multifamily units. Over the last 15 years, Lincoln has been increasingly active with $15 billion of acquisitions and development, bringing its current total to over $76 billion in AUM. In the Pacific Northwest, LPC West currently owns and operates approximately 6 million square feet. Its properties span a variety of markets including Seattle and Bellevue and the surrounding region. The PNW has a robust pipeline of over 1 million square feet of office development in addition to over 1,000 multifamily units under construction and in planning.

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 $21 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $15.5 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.