Home Finance Paul Allen’s Vulcan Buys Another South Lake Union Parcel for $16.5MM

Paul Allen’s Vulcan Buys Another South Lake Union Parcel for $16.5MM

Paul Allen, Vulcan, Vulcan Real Estate, South Lake Union, Seattle, Allen Institute, downtown Seattle
The Allen Institute | Photo: Vulcan Real Estate

By Brittan Jenkins

Paul Allen is adding yet another property to his collection in Seattle’s South Lake Union neighborhood. Vulcan Inc., Allen’s real estate group, purchased an 18,000 square foot plot at 707 Westlake Ave. N. for $16.5 million from an LLC associated with the Kenney family.

Vulcan recently purchased an adjacent property from the Kenney family, where Art Marble 21 currently sits, for $12.85 million. Lori Mason Curran, the real estate investment strategy director with Vulcan said at the time that property was purchased the company was likely going to hold onto it until they are ready for future development of the Allen Institute. Curran said like the company’s previous purchase, this acquisition will likely be used for the potential expansion of the Allen Institute.

With this acquisition, Vulcan now owns all but one parcel of land in the triangle that is bound by 9th Ave. N., Roy St. and Westlake Ave N. Curran said the remaining parcel is owned by the city but believes the city is about to sell off some properties in the area but is unsure if that particular piece will be included. She said Vulcan would be interested in it if it were to become available saying, “It would be a logical piece to pursue given our ownership of the other land right there.”

Paul Allen founded the Allen Institute in 2003 to better understand brain science. The 272,000 square foot life sciences institute currently sits on the northwest corner of Mercer St. and Westlake Avenue N. It was completed in 2015.

The real estate group is expecting a number of new projects to come online in the coming years. One project Vulcan is expecting to complete by the first quarter of 2019 is 111 Westlake Ave N. The project will have over half an acre of open space featuring a large pedestrian plaza with amenities such as retail, restaurants, outdoor seating and public art. Arbor Blocks East and West are also set for completion in the fourth quarter of 2018. The Class A office space will provide more than 390,000 square feet of space.