Alexandria Actual Equities, a life sciences actual property developer, has purchased a 5.2-acre property in Bellevue, Wash., for $77.5 million. The acquisition was first reported by the Puget Sound Enterprise Journal.
Alexandria Government Chairman and founder Joel Marcus declined to remark in response to a question from GeekWire.
Alexandria purchased the property from Bellevue firm Pine Forest, which has been planning a big mixed-use improvement for the location. It’s within the Spring Hill neighborhood at 1239 a hundred and twentieth Ave. NE and close to a future mild rail station that can join Seattle to eastside cities comparable to Bellevue, which is experiencing a tech increase.
Alexandria’s buildings home operations for a few of the Seattle space’s greatest biotech firms, together with Seattle-based Sana Biotechnology and Bothell-based Seagen. Alexandria is creating a life sciences hub at Seattle’s nearly three-acre Mercer Mega Block. Although it’s best recognized for the life sciences, the corporate additionally owns agtech and tech buildings.
Life sciences house is in demand within the Seattle area, with tenants in search of 1.2 million sq. ft of house and 1.1 million sq. ft of improvement underway that doesn’t but have a tenant signed up, in keeping with a latest CBRE report. The area has roughly 9 million sq. ft of lab and R&D house, with emptiness charges at 7.1%.
Enterprise funding for the life sciences is at report highs nationally and within the Seattle space. Seattle space life sciences firms raised $898 million within the 12 months ending this September, and $958 million within the earlier 12-month timeframe, in keeping with the CBRE report. That’s in comparison with $328 million two years in the past, from September 2018 via September 2019.