Life sciences has catapulted Washington State into a top job booster, ranking as its fifth largest employment sector. And, another life sciences property made the grade, with Oxford Properties Group recently acquiring Boren Lofts in Seattle for $119.1 million. The shell-condition structure is located in Seattle’s South Lake Union submarket, the nucleus of the city’s biotechnology industry.

The newly built 136,000-square-foot office building is primed for immediate conversion into lab space and will be transformed into a fully dedicated life science facility. The 10-story property has 15-foot ceilings and 15,000-square-foot open floorplates.

The acquisition continues Oxford’s increased focus on building a dedicated life sciences business. In the first few months of 2021, it secured five new life sciences investments. When accounting for new development opportunities at these properties, this will account for more than $1 billion in deployed capital.

“The South Lake Union submarket is one of the most desirable life science ecosystems in the country,” said Chad Remis, executive vice president, North America at Oxford. “The acquisition of Boren Lofts is a rare opportunity to create more than 136,000 square feet of institutional, necessary lab space for innovators, creators, scientists and more.”