
BioMed Realty Expands Denny Triangle Footprint with $127M Parcel Deal
BioMed Realty has acquired Denny Park South in Seattle’s South Lake Union/Denny Triangle submarket for a reported $126.8 million. The seller of the two adjacent parcels spanning 1.6 acres was Clise Properties.
“We now have the ability to double our footprint in the Seattle market and continue investing in mission-critical lab infrastructure needed to meet strong tenant demand as life science and technology companies grow and scale in the region,” said Tim Schoen, CEO of BioMed Realty.
The Denny Park South acquisition will allow BioMed Realty to grow its existing 1.2 million-square-foot portfolio in Seattle which includes the recently completed flagship Dexter Yard project in South Lake Union.
The new acquisition and the T6 Innovation Center at 200 Taylor Avenue North, represent an additional 1.2 million square feet of development potential. BioMed anticipates investing an additional $700 million to develop these new facilities over time.
- ◦Sale/Acquisition
- ◦Development