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Hospital Buys Empty Lab Building for $80M

SEATTLE-For use as a research campus, Children's Hospital acquires the 215,000-sf laboratory building here and ties up an adjacent office building of similar size.

By Brian K. Miller | Updated on October 27, 2006

SEATTLE-Children’s Hospital and Regional Medical Center said Friday it has acquired a 215,000-sf laboratory building here and will acquire a neighboring building of similar size as it moves forward with plans to launch its own research institute.

Children’s Hospital purchased the Life Sciences Building at 1900 9th Avenue from its developer, Touchstone, for a recorded price of $109 million. Children’s says the effective price is actually $79.5 million after lease and improvement obligations due Children’s are taken into account. The hospital also says it will exercise an option next September to acquire for $36 million 1915 Terry, an adjacent office building of similar size that the hospital is leasing in the meantime.

The two buildings total 467,183 sf. The hospital plans to move laboratory research to the Life Sciences Building throughout the next year. Plans for the 1915 Terry building include a seismic retrofit and renovation for laboratory use. The work will be timed to the hospital’s need for additional research space, which could be several years out.

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