By Jack Stubbs
The city of Bothell—roughly fifteen miles north of downtown Seattle—to some may seem as an unlikely corporate campus destination, but it has a growing life sciences industry. The demand in the sector was reaffirmed earlier this week when Seattle Genetics signed a nearly 207,000 square foot lease in three buildings at the four-building Canyon Park Commons campus in Bothell, according to an industry source with knowledge of the transaction, signaling the firm’s commitment to the northern suburb.
Seattle Genetics signed a lease at three buildings in Canyon Park Commons located at 2500, 2530 and 2300 223rd St. SE, that in total comprise 206,771 square feet. Broderick Group, who is the listing broker for the three buildings, declined to comment on the transaction.
Canyon Park Commons I is comprised of 44,680 square feet; Canyon Park Commons II totals 68,370 square feet; and the Commons III building comprises 93,271 square feet. The average rental rate for the three buildings is $22 per square foot, according to the property listing on Broderick Group’s web site. AT&T occupies the Canyon Park Commons IV building.
Founded in 1998 and headquartered in Bothell, Seattle Genetics is a biotech company that focuses on developing and commercializing innovative antibody-based therapies for the treatment of cancer, according to the company’s web site. In mid-July, the company released its second quarter 2018 financial results, highlighting the commercialization and clinical development accomplishments of ADCETRIS’ (a cancer treatment method) net sales of $122.4 million in the U.S. and Canada.
The Canyon Park Commons campus is approximately five miles north of downtown Bothell and sits adjacent to the North Creek Trail. The asset is also roughly one mile from access to the intersection of Washington State Route 527 and Interstate-405.
There have been a number of transactions in Bothell in recent months indicating that the Canyon Park area continues to be seen as a desirable location. In mid-March 2018, three parcels of vacant land comprising roughly 17 acres (and including three research and development buildings totaling approximately 150,000 square feet) sold for $21.5 million. CP Investment 1 LLC acquired the three-parcel property—located at 21516 23rd Dr. SE. approximately one mile north of Canyon Park Commons—from Seattle-based Immunex Corporation.
And in late February 2018, the two-story, 43,800 square foot Canyon Park Office Center, located at 22232 17th Ave. SE. roughly one mile west of Canyon Park Commons, sold for $9 million or approximately $205 per square foot. Bellevue-based JM2T Properties LLC acquired the property from Equity Office Properties, a subsidiary of New York-based Blackstone Group.
Another transaction recorded in mid-March indicates that other asset classes in Bothell, also, continue to be viewed favorably. Following up on its acquisitions of three shopping centers in in Gig Harbor, Covington and Bothell for around $140 in early March, California-based Donahue Schriber purchased the Canyon Park Place shopping center in Bothell for $52.5 million, or approximately $417 per square foot, from Terramar Retail Centers. Located at 22833 Bothell-Everett Hwy., Canyon Park Place totals 125,616 square feet.