BOTHELL, WA-Canyon Park Highlands II and III, a pair of life science research/office buildings located on 30th Drive in Bothell, WA, have changed hands. The buyer is Senior Housing Properties Trust, a Newton, MA-based healthcare REIT, which paid $38-million, or $262-per-square-foot for the 144,900-square-foot properties.
Jones Lang LaSalle's Seattle-based capital markets team of Lori Hill, Stuart Williams and Ann Chamberlin and leasing and market specialists represented the seller, institutional investment advisor Washington Capital Management Inc.
“The opportunity to acquire these buildings was highly appealing to investors active in the life sciences arena and garnered strong interest from prospective buyers,” according to Lori Hill, managing director of JLL. “The strength, innovative approach and positive growth projections of the tenant, along with the high-quality infrastructure of the laboratory facilities combine to create an outstanding long-term real estate investment vehicle.”
The buildings are the headquarters of Seattle Genetics, one of Seattle's largest biotechnology companies and a leader in the development of antibody-based therapies for cancer. The company has occupied one of the buildings since 2000 and expanded in 2011.
Check back tomorrow morning for more on the evolution of the market here and why it is an important hub for life science and biotech companies.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
