Invesco, LPG Buy 211K-SF Cascadian and its Life Sciences Capabilities

The Cascadian, a 211,066-square-foot project in the Eastlake Corridor of South Lake Union, recently sold for an undisclosed price to Invesco and Lincoln Property Group. The newly constructed nine-story office building was delivered in August 2021. With shell spec immediately available, this presents the flexibility to covert to life science space.

Newmark’s Kevin Shannon, Nick Kucha, Ken White, Rob Hannan, Michael Moll, Jeffrey Hodson and Rachel Jones represented the sellers, Unico Properties and Partners Group. Newmark’s leasing team of Jesse Ottele, Cavan O’Keefe and Daniel Seger also advised through all stages of the marketing, due diligence and the sales process. The buyers were self-represented.

“Once again, Unico and Partners group has developed a timely trophy project in one of the fastest-growing markets in the country,” said Shannon. “Cascadian is positioned in the heart of Seattle’s life science cluster and ideally surrounded by industry drivers including Seattle Children’s Research Institute, University of Washington, Fred Hutchinson Cancer Research Center and Seattle Cancer Care Alliance. With lack of available new construction for existing life science, this is a timely project in a market that is extremely attractive to host life science tenants.”