The Pasadena, CA-based REIT isn't saying anything public at this time, but it has been issued a Master Use Permit to replace an existing 55,000-sf building at 1102 Columbia St. with one that has 130,000-sf of lab space over five levels of underground parking. The approval was issued last month and expires at the end of next year.
Alexandria controls about 480,000-sf of office and laboratory space in Seattle that was 99.8% leased at the end of June. Not included in that total is a new building under construction at 1616 Eastlake that will house Accelerator Corp., a biotech incubator project of Alexandria, three venture capital firms and the Seattle-based Institute for Systems Biology.
In addition to its 210,000-sf First Hill campus, the company owns the 158,000-sf ZymoGenetics campus at 1201 Eastlake Ave. E., the 71,000-sf former Bristol-Myers Squibb building on First Avenue that now houses Dendreon Corp., and a 48,000-sf building on Western Avenue that is leased to the University of Washington.
The company acquired its First Hill campus--the former Fred Hutchison Cancer Research Center--in 1996. Current tenants include Swedish Health Services, Corixa Corp. and Primal Inc. The new $25-million lab building would replace Elkind Hall, the oldest building on the campus. The MUP approvals follow a rezone of the proposed building site that occurred in March.
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