An affiliate of Alexandria Real Estate Equities, Inc. divested a 70% interest in a three-asset life science portfolio in Seattle’s South Lake Union to Clarion Partners for $450 million. The off-market, joint venture transaction is the largest sale completed in the state of Washington year-to-date.
The deal includes the landmark Lake Union steam plant at 1201 Eastlake Ave. E, the Earl Davie Building at 1208 Eastlake Ave. E., and 199 E. Blaine St. The portfolio encompasses 322,858 square feet of first-class office and laboratory space and is 100% leased to strong life science tenants.
Newmark’s Kevin Shannon, Ken White, Rob Hannan, Nick Kucha, Tim O’Keefe, Jesse Ottele and Cavan O’Keefe represented the seller.
Shannon says, “This transaction marks the first core life science offering in the Seattle market in several years. Life science fundamentals are faring better than the overall office fundamentals with rents that are now ranging from $65 to $70 NNN annually, which allowed us to achieve record setting pricing for the Puget Sound marketplace.”
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