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Gates Foundation HQ Headed for Seattle Center Lot

SEATTLE-One week after the sale of its leased headquarters was announced, the world's largest private philanthropic organization reveals plans to pay $50.4 million for the 12.3-acre, city-owned parking lot on the east side of Seattle Center and develop a new home for itself.

By Brian K. Miller | Updated on January 13, 2005

SEATTLE-The Bill & Melinda Gates Foundation plans to develop a headquarters campus for itself on a 12.3-acre lot across Fifth Avenue North from Seattle Center’s Memorial Stadium. The world’s largest private philanthropic organization has an agreement in principal with the city to purchase the parking lot for $50.4 million, according to statements made at a joint press conference on Thursday. The agreement will be subject to Seattle City Council approval. Assuming the agreement is adopted, construction of the new building would begin sometime in 2007, using sustainable building techniques, which emphasize environmental, economic, and social stewardship. A source at the city tells GlobeSt.com that about $22 million of the city’s proceeds will be used to develop structured parking on the edge of the site for both the public and foundation employees.Last week, the life sciences REIT Alexandria Real Estate Equities announced its $29-million acquisition of 1551 Eastlake, a 120,000-sf office building currently leased to the Bill & Melinda Gates Foundation, which uses the building as its headquarters. At that time, a representative of the seller said Alexandria plans to re-lease the building to a life sciences operation after the Gates Foundation completes development of its news headquarters, the location for which had not yet been revealed. The Bill & Melinda Gates Foundation has reportedly invested more than $1 billion to date in Seattle through its four program areas, including global health, education, public libraries and local giving, which emphasizes housing and human services for vulnerable families. The foundation is led by Bill Gates’ father, William H. Gates Sr., and Patty Stonesifer.

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