|Senior Housing Properties Trust, a Newton, MA-based healthcare REIT, paid $38 mil for Canyon Park Highlands II and III, a pair of life science research/office buildings totaling 144.9k sf ($262/sf) in Bothell, WA.
The buildings, located on 30th Dr, 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.
Lori Hill, Stuart Williams and Ann Chamberlin of JLL’s Seattle-based Capital Markets team 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 Hill, Managing Director, Jones Lang LaSalle. “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,” she added.
“This is only the sixth life science building sold in Bothell in the last eight years but the interest level and pricing realized highlights the continued evolution of this market as an important hub for life science and biotech companies,” said Daniel Seger, Senior Vice President, Jones Lang LaSalle.