SEATTLE-Fred Hutchinson Cancer Research Center has acquired the 177,056-square-foot 1100 Eastlake Building, which was built in 2008, from Blume 1100 Limited Partnership for $36 million. CB Richard Ellis, which negotiated the deal, notes that 1100 Eastlake, which was vacant, was built and engineered to accommodate both office and life science users.
CBRE’s Tim O’Keefe and Jesse Ottele of the company's Seattle office, along with West Coast office investment experts Kevin Shannon and Rob Hannan, represented the seller. The property features a below-grade parking garage for 410 cars.
The buyer, which owns and occupies an adjacent campus of multiple buildings, plans to expand into 1100 Eastlake as an owner-user. “Owner-user sales have accounted for nearly 20% of all office sales in the last two years on the West Coast, “ O’Keefe and Ottele noted.
Seattle’s 4.4-million-square-foot biotech market "is extremely strong and has sub 5% vacancy," according to CBRE. The Lake Union submarket, where 1100 Eastlake is located, is at the center of Seattle’s biotech market, with neighbors including Seattle Cancer Care Alliance, the Bill & Melinda Gates Foundation, Bristol-Meyers Squibb, Gilead Sciences, Institute for Systems Biology and the University of Washington, among others.
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