The decisions came late last week, and a 14-day comment period must go smoothly before a final decision is drafted. Early last week, the developers announced that Seattle Biomedical Research Institute has committed to leasing approximately 50% of the building, which is usually what a lender will require before providing a construction loan.

Construction is expected to begin this summer and end the following summer. SBRI is thus far the only committed tenant. Another 50,000 sf remains available, as well as 9,600 sf slated for retail on the ground floor. Tom Erlandson of Alexander Commercial Real Estate has been selected to market the remainder of the biomed space. Tom Graff of Ewing & Clark is 307 Westlake's retail leasing agent.

On the other side of the lake, at 1616 Eastlake, another biotech office building is already under construction. Developer Lowe Enterprises Inc. expects to complete this December a five-story, 164,000-sf speculative development capable of accommodating both offices and labs. Lowe is holding an open listing on the property. At the moment, straight office rents and cold-shell for biotech will run high-$20's NNN, with $35/sf TI allowances.