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Tech and Med Tenants Flock to South Lake Union

The value of a multi-tenant office asset, $58.75 million, created significant bidding depth and a lease for the remaining vacancy was negotiated with WeWork during the marketing process, bringing the tenancy to 100%.

501 Eastlake 501 Eastlake, a 103,494-square-foot five-story office building, just sold for $58.75 million.

SEATTLE—South Lake Union has absorbed 4.6 million square feet since 2011, pulling the area’s vacancy rate down to 5.4% in the fourth quarter of 2017, according to NKF. During the same period, class-A office rents have risen more than 70% as highly educated tech and medical talent continues to fuel the submarket’s economic expansion, due in part to Amazon’s headquarters presence.

Other area businesses range from biotechnology and medical research centers. Additional employers in the neighborhood include University of Washington Medicine, Fred Hutchinson Cancer Research Center, NBBJ, Group Health, Seattle BioMed, PEMCO, Seattle Cancer Care Alliance and PATH.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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