By Jon Peterson
Toronto, Canada-based Oxford Properties Group has acquired a 136,200 square foot life science asset in Seattle located at 1930 Boren Avenue. The purchase price is $119.6 million (just over $878 per square foot), according to public records. This will be the Oxford Properties’ first life science asset that it has owned in the Seattle market.
The Trammell Crow Company and Washington Capital Management are the sellers of the property. The listing agent on the seller was the CBRE Capital Markets team for the Seattle market, and CBRE declined to comment when contacted for this story.
“Boren Lofts is a unique project located in one of the best neighborhoods in Seattle. The life science research building, which spans 10 stories and 136,217 square feet, is located at 1930 Boren Avenue in Seattle’s Denny Triangle neighborhood. Denny Triangle represented the convergence of Seattle’s CBD, life science and technology core, putting tenants in the heart of the local workforce and close to some of the city’s most popular residential neighborhoods,” said Mike Nelson, principal, TCC Seattle. “The open-plan spaces, generous clear heights and robust infrastructure at Boren Lofts are ideally suited for life science companies, providing the ultimate flexibility for planning their office and laboratory spaces. We are particularly proud to have delivered a state-of-the-art building that boasts many healthy building features that will serve its tenants and guests for years to come.”
The construction of 1930 Boren was completed in February of this year. When the project was first pitched, it was planned to be a traditional office property. However, Trammell Crow decided the project would be best as a life science building, which is what the project will be marketed as going forward. The building features 12-foot windows, 15,000 square foot floor plates and a rooftop terrace. South facing patios are also incorporated into every floor.
Leasing on the property is now happening for the multi-tenant building with discussions and discussions are in place with life science tenants to lease around 30 percent of the building. CBRE’s Scotta Ashcraft and Nick Carkonen are handling the leasing on the property.
The new building is located within the Denny Triangle neighborhood. Vacancy for life science in the overall Seattle market is almost non-existent at less than one percent, according to data sources that track this kind of space in the Seattle market.
Nearby amenities include Whole Foods, The Butcher’s Table, Shake Shack and more. Other major employers, like Amazon, are also in the neighborhood.
Trammell Crow had been the owner of the site for 1930 Boren since the end of 2018. The firm had originally paid $17.3 million for the property, according to King County records. At the time of the acquisition, the site was a two-story group home. The seller was Safe Haven Associates, a community psychiatric clinic based in Lake City north of Seattle.
Oxford Properties operates its assets in the United States out of its New York Office. The company is owned by OMERS, the Canadian defined benefit pension plan for Ontario’s municipal employees. Oxford’s owned real estate portfolio includes office, industrial/logistics, retail, multifamily residential, life sciences and hotels. Its portfolio spans more than 150 million square feet in global gateway cities and high-growth hubs.
As of this writing, Oxford Properties has not responded to an email seeking comment for this story.