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SEATTLE-Seattle Children’s Hospital and Regional Medical Center has acquired a full-block site adjacent to two buildings it controls in the Denny triangle area. The site is entitled for 900,000 sf of development. Children’s acquired the site for $43.6 million, or $48.44 per sf that can be developed.

Surrounded by Terry and Boren avenues and Virginia and Stewart streets, the property is currently a large parking lot divided by an alley. Research facilities will be built on the site over the next several years, complementing other nearby research facilities, including that of the Seattle Cancer Care Alliance, Fred Hutchinson Cancer Research Center and Zymogenetics.

The site was acquired through a series of related transactions with Touchstone Stewart Place LLC, the Ebright Trust, Murray Hill Developments Ltd., and Marathon Investment Corp. The adjacent buildings it controls are 1915 Terry Ave. (seven stories; 251,095 sf, formerly occupied by Qwest) and 1900 9th Ave. (11 stories; 216,088 sf), a newer laboratory building. It acquired the lab building last fall for $79.5 million and expects to close on the other this fall for $36 million.

Children’s has been leasing 50,000 sf of laboratory space in the 307 Westlake building in South Lake Union and 40,000 sf of office space at Metropolitan Park West, both nearby. Clinical research and administrative functions will remain at Metropolitan Park for now. Later this summer it is anticipated those currently located at 307 Westlake will move to the 1900 9th Ave. facility.

Kinzer Real Estate Services represented the hospital in the analysis and acquisition of the Stewart Place lot; the transaction closed earlier this week.


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