SEATTLE—Trammell Crow Company has acquired 1124 Columbia Street, a 1.4 acre parcel, which includes a biotech research facility.
In total there are three structures, on the property situated in the Seattle First Hill submarket, the heart of the premier hospital and medical services hub in the Puget Sound region. TCC, acquired the project through a joint venture with Washington Capital Management, from Alexandria Real Estate. Terms of the deal were not disclosed, but the Puget Sound Business Journal reports that the buyers paid $42.6 million, citing public records.
“We have the opportunity to deliver a completely renovated Class A Medical Office Building (“MOB”) in the heart of the premier hospital/medical services hub of the Puget Sound region, an area with significant barriers to entry and land scarcity,” said Mike Nelson, a Principal with Trammell Crow Company’s Seattle Business Unit.
Plans for the property include a full redevelopment of the existing biotech research and development center including the addition of an eighth floor and construction of a new parking structure to serve its MOB tenants. The project, when complete in 2014, will be comprised of approximately 190,000 square feet new and renovated space.
The site was originally developed by the Fred Hutchinson Cancer Research Center in 1974 and served as its headquarters for many years. Alexandria Real Estate purchased the building from FHCRC in 1996.
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