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400 Dexter Sale is Second-Highest PSF for Life Science in Seattle History
400 Dexter, a trophy life science asset in Seattle’s South Lake Union, recently sold in an off-market transaction for an implied gross valuation of $364 million or $1,255 per rentable square foot. The partial interest sale of 400 Dexter represents the second highest price per-square-foot paid for a life science asset in Seattle’s history.
The buyer, Clarion Partners, has acquired a 70 percent interest in the property.
Newmark’s Kevin Shannon, Ken White, Rob Hannan, Nick Kucha, Michael Moll and Rachel Jones, in conjunction with local leasing team, Jesse Ottele and Cavan O’Keefe represented the seller, an affiliate of Alexandria Real Estate Equities Inc.
“This transaction marks another strong data point reflective of the current demand for core life science product in Seattle,” said Shannon. “Life science fundamentals are faring better than the overall office fundamentals with rents that are now ranging from $65 to $80 triple net annually, which allowed us to achieve record-setting pricing for the Puget Sound marketplace.”
- ◦Sale/Acquisition
