The developers say SBRI has signed a letter of intent to lease the space, and that construction will begin this summer and end the following summer. "This deal has been in the works for a while, and now it's ready for prime time," says Jim Mueller of Vulcan Inc.
Stephen Fina, VP of Harbor Properties tells GlobeSt.com SBRI is, thus far, the only tenant online. Another 50,000 sf remains available, as well as 9,600 sf slated for retail on the ground floor. Fina declined to pinpoint 307 Eastlake's asking rents, explaining, "Biomed leases are very complicated, and rates depend a lot on how much of the [generally extensive] tenant improvements will be done by the landlord."
Tom Erlandson of Alexander Commercial Real Estate has been selected to market the remainder of the biomed space. Tom Graff of Ewing & Clark is 307 Westlake's retail leasing agent.
Graff, who has had extensive experience revitalizing downtown neighbors from the retail perspective, says tenants selected will be in keeping with Vulcan's desire to invigorate South Lake Union. "We're looking for retail that sizzles," says Graff. "There will definitely be food," he states. "And the area is big on sports-related stores with REI and Outdoor & More across the street."
Again, specific rates were held back. "It depends on the use and where they are in the building," says Graff. "The retail isn't a big financial component [of 307 Westlake]. What's important are tenants that will help start branding South Lake Union on the retail map." With groundbreaking set for sometime next summer, Graff says the retail leasing effort is just now getting into full swing, though talks with some prospects are under way.
Both Vulcan and Harbor Properties can see more biomedical development in their futures. Fina offers, "Harbor Properties has been in development for a long time, and we expect to see Seattle become an international hub for biomedical research.
Vulcan's Mueller says to GlobeSt.com, "As investment strategy, biotech along with services and housing can be very successful in South Lake Union. Prognosticators are forecasting biomedical research as an economic driver in this country and around the world for the next several decades."
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