Home Commercial Three Research and Development Buildings in Bothell Sell for $21.5MM

Three Research and Development Buildings in Bothell Sell for $21.5MM

By Jack Stubbs

Three parcels of land in Bothell—which include three research and development buildings totaling approximately 150,000 square feet—sold for $21.5 million on Friday March 9th, according to public records filed with the county of Snohomish.

The buyer of the three-parcel property, CP Investment 1 LLC, shares the same address as Bellevue-based Taylor Development Inc., a commercial and residential real estate developer. The seller was Seattle-based Immunex Corporation, whose parent company is Amgen, a biotechnology company. The transaction was recorded on March 14th.

Neither the buyer nor the seller responded to calls or emails for comment in time for the publishing of this story.

Three parcels were sold as part of the transaction, according to public documents. The first two parcels, located at 21516 23rd Dr. SE., are comprised of approximately 17.5 acres of vacant land. The third parcel, located at 21501 23rd Dr. SE., contains three commercial structures. The first building is a research and development facility built in 1992 that totals 83,241 square feet. The second building is also a research and development facility built in 1992 that totals roughly 21,000 square feet, while the third building is a three-story office building/development facility constructed in 2000 that totals almost 45,000 square feet.

The three-parcel property is located in the Canyon Park neighborhood approximately three miles to the north of Bothell and roughly five miles to the north of Woodinville. The property is also approximately five miles to the east of Kenmore and less than two miles from access to Interstate-405.

Founded in 1993, Taylor Development has developed over $650 million in commercial and residential real estate in the greater Puget Sound region since the company’s inception, according to its web site. The company is currently working on projects in Puyallup, Lacey and Issaquah, among other locations. Some of these in-the-work projects include Lipoma Phase 1 in Puyallup, a development that will consist of 339 single family units; the Gateway in Lacey, which will consist of 400 multifamily units; and Highbridge Estates in Monroe, which consists of 34 single family lots with preliminary approval, according to the company’s web site.

Immunex Corporation, which was acquired by Amgen Inc in 2002, researches, develops, manufactures and markets therapeutic products for the treatment of cancer and other diseases, according to the company’s bloomberg.com listing. Founded in 1981, the company consists of roughly 1,600 employees and has a strategic alliance with American Home Products.

Over the last several months, Bothell has become increasingly recognized as a hub for the life sciences, and in late January 2018 another life sciences transaction was in the news. On January 31st, Boston-based Partner Therapeutics Inc. acquired a roughly 89,000 square foot research and development facility in Lynnwood from New Jersey-based Sanofi-Aventis U.S. LLC, another healthcare company, for $45.6 million.

New Jersey has the fourth largest life sciences cluster in the country after the San Francisco-San Jose Bay Area, Los Angeles-Orange County, and Boston-Cambridge, according to a 2018 Life Sciences report by CBRE. Over the last few years, Seattle and the greater Puget Sound region has become increasingly recognized as a hub for life sciences activity. And according to the report, Seattle had the 13th largest figure of employment in the life sciences sector as of third quarter 2017, with the Bay Area, Los Angeles and Boston leading the way.