BOTHELL, WA-Canyon Park Highlands II and III, a pair of life science research/office buildings located on 30th Drive in Bothell, WA, have changed hands. The buyer is Senior Housing Properties Trust, a Newton, MA-based healthcare REIT, which paid $38-million, or $262-per-square-foot for the 144,900-square-foot properties.
Jones Lang LaSalle's Seattle-based capital markets team of Lori Hill, Stuart Williams and Ann Chamberlin and leasing and market specialists represented the seller, institutional investment advisor Washington Capital Management Inc.
“The opportunity to acquire these buildings was highly appealing to investors active in the life sciences arena and garnered strong interest from prospective buyers,” according to Lori Hill, managing director of JLL. “The strength, innovative approach and positive growth projections of the tenant, along with the high-quality infrastructure of the laboratory facilities combine to create an outstanding long-term real estate investment vehicle.”
The buildings are the headquarters of Seattle Genetics, one of Seattle's largest biotechnology companies and a leader in the development of antibody-based therapies for cancer. The company has occupied one of the buildings since 2000 and expanded in 2011.
Check back tomorrow morning for more on the evolution of the market here and why it is an important hub for life science and biotech companies.
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