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Clarion Claims $450M Stake in Alexandria’s SLU Life Science Portfolio

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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition