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Work Starts on $500M Gates Foundation HQ

SEATTLE-Site work begins for the 900,000-sf, full-block development across the street from Seattle Center, home of the Space Needle.

By Brian K. Miller | Updated on July 23, 2008

SEATTLE-Work got underway here this week for the 900,000-sf headquarters of the Bill and Melinda Gates Foundation, the world’s largest charitable foundation. The $500-million, full-block project across the street from the Space Needle is slated for occupancy in late 2010, nearly six years after it was first announced.

The project was first announced in January 2005, shortly after Alexandria Real Estate Equities paid $29 million for 1551 Eastlake, the 120,000-sf office building that the Bill & Melinda Gates Foundation leases for its current headquarters. Alexandria plans to re-lease the building to a life sciences operation after the Gates Foundation completes development of its new headquarters.

In March 2005, the Seattle City Council approved the $50.4-million sale of the 12.3-acre development site for the new headquarters—a city-owned parking lot adjacent to the Seattle Center—to the Bill and Melinda Gates Foundation. At that time, Foundation officials said construction of its new headquarters would commence sometime in 2007.

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