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February 27, 2020
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Nexus Properties Refinances WA Life Science Complex


Nexus Properties Inc has secured $19.92 mil in refi money for Nexus Canyon Park Research Center, a 152k sf Life Science/Flex/R&D building in the suburban Seattle community of Bothell, WA.

Nexus Canyon Park Research Center is located at 21720 23rd Drive SE in the Seattle-Bellevue region’s Eastside office market, which is one of the Puget Sound’s largest and most active office markets with 52.4 msf of inventory. Situated within the Canyon Park Business Center, the property is just north of Interstate 405 approximately 15 miles northeast of downtown Seattle.

Completed in 1999, the two-story facility recently underwent a partial conversion of space into flex industrial that provides for the potential to appeal to a variety of lab, office and flex users throughout the asset. Current tenants at the property include Epoch Pharmaceuticals, Sony Biotechnology, Inc., Sound Biologics and Shimadzu Scientific.

Tim Wright, Zack Holderman, Zack Goodwin and Anthony Rosetta with JLL arranged the financing, which was provided by a national lender.

According to a recent JLL Life Sciences Outlook report, the Bothell Lab Space market contains roughly 1.5 msf and, despite declining vacancy, continues to be a viable and economical option for both smaller and more established life science companies. The leasing market remains active and should continue to see spillover from Lake Union and Capitol Hill as growing companies look for expansion space.

“Bothell is considered a strong secondary life science cluster for tenants seeking more affordable lab or manufacturing space as compared to South Lake Union,” Holderman said. “Tenants are drawn to the area’s skilled labor force, as well as the area’s high quality of life and advantageous location.”

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