SEATTLE—Urban Renaissance Group has acquired the Rosen Building in Seattle from Vulcan Real Estate for $41 million.
Located at 960 Republican Street in the South Lake Union neighborhood, the Rosen Building is a class-A biotechnology office building totals more that is approximately 60,000 square feet. The University of Washington School of Medicine operates a biomedical research facility in the building under a long term lease and is its sole tenant.
“The Rosen Building is (Urban Renaissance Group's) URG's first life sciences building and represents our ongoing portfolio diversification,” said URG founder and CEO, Patrick Callahan. “We're thrilled to own this building and see it as a long-term hold opportunity.”
“The Rosen Building was Vulcan's first development project in South Lake Union and helped establish the neighborhood as a desirable and collaborative community for life sciences and creative class workers,” said Ada Healey, vice president of real estate at Vulcan, Inc. “With the University of Washington School of Medicine as a tenant, it should continue to demonstrate strong investment performance for many years to come.”
Researchers at UW Medicine's biotechnology and medical research hub in South Lake Union use the building to develop life-changing therapies and to research medical breakthroughs that will positively impact the health of future generations, both locally and globally.
The purchase of the Rosen Building represents URG's sixth wholly owned-asset in the Pacific Northwest, whose portfolio also includes the Joshua Green Building and Plaza 600 in Seattle, Island Village Shopping Center in Bainbridge Island, and properties in Kirkland, and in Lake Oswego, OR. This portfolio is a legacy of Joshua Green Corporation's real estate ownership, and became part of URG in 2012.
URG's debt financing was provided by Washington Federal.
Urban Renaissance Group, LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, property management and ownership in Seattle, Bellevue, Denver and Portland. Seattle-based Vulcan Real Estate directs all real estate investment activities for Vulcan Inc., a Paul G. Allen company. Vulcan Real Estate has created a diversified portfolio of high-performing quality assets including office, biotech, residential and mixed-use projects.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
