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Children's Buys 'Stewart Place' From Touchstone

SEATTLE-Located across from two buildings it acquired in October 2006, the full block property is entitled for 900,000 sf of above-ground development. The sale price was $43.6 million.

By Brian K. Miller | Updated on May 17, 2007

SEATTLE-Seattle Children’s Hospital and Regional Medical Center has acquired a full-block site adjacent to two buildings it controls in the Denny triangle area. The site is entitled for 900,000 sf of development. Children’s acquired the site for $43.6 million, or $48.44 per sf that can be developed.

Surrounded by Terry and Boren avenues and Virginia and Stewart streets, the property is currently a large parking lot divided by an alley. Research facilities will be built on the site over the next several years, complementing other nearby research facilities, including that of the Seattle Cancer Care Alliance, Fred Hutchinson Cancer Research Center and Zymogenetics.

The site was acquired through a series of related transactions with Touchstone Stewart Place LLC, the Ebright Trust, Murray Hill Developments Ltd., and Marathon Investment Corp. The adjacent buildings it controls are 1915 Terry Ave. (seven stories; 251,095 sf, formerly occupied by Qwest) and 1900 9th Ave. (11 stories; 216,088 sf), a newer laboratory building. It acquired the lab building last fall for $79.5 million and expects to close on the other this fall for $36 million.

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