BOTHELL, WA-Yesterday morning, GlobeSt.com reported that Canyon Park Highlands II and III, a pair of life science research/office buildings located on 30th Drive in Bothell, WA, changed hands. The buyer was 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.
According to Daniel Seger, SVP of JLL, “This is only the sixth life science building sold in Bothell in the last eight years but the interest level and pricing realized highlights the continued evolution of this market as an important hub for life science and biotech companies.”
According to a recent report from JLL, Seattle ranks No. 10 as a key industry hub for life sciences. “With a series of key brand-name drug patents set to expire in 2013, deadlines collectively referred to as the 'patent cliff,' life sciences companies are bracing themselves for a revenue drop some estimate could reach $30 billion,” says the report. “One industry response to the cliff is the geographic reshuffling and right-sizing of the North American life sciences industry occurring in comparatively smaller metropolitan areas as these cities rise in industry influence.”
Seattle is ranked 10th in the 2012 Jones Lang LaSalle Life Sciences Cluster Report out of a total of 21 US regions, according to weighted scores for total employment in high-tech research and hospital/medical fields; life science establishments; National Institutes of Health funding; and venture capital funding.
Seattle has one of the fastest growing life sciences markets in the nation and has become one of the core cancer research markets in the nation, says the report. Puget Sound's life sciences is comprised of nearly 1,000 firms employing more than 22,000 directly in the industry, with an additional 191,000 people employed in the hospitals and the medical field.
One of the distinguishing features of the Seattle-area life sciences market is that very little manufacturing is done in the region, says JLL. “Nearly all Puget Sound-area life sciences industry activities are based on research and development. Unlike areas with a strong concentration of life sciences manufacturing jobs, when a growing Puget Sound company is purchased by a larger company, the frequent trend has been the employees and the companies to remain intact and local to Seattle.”
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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.
