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May 24, 2022
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BioMed Realty Spends $126 Mil on Seattle Redevelopment Site


Loyal Inn Block, a 1.6-acre redevelopment site located at 2300 Seventh Avenue North and 2301 Eighth Avenue in Seattle, was acquired by BioMed Realty in a recent deal for $126.75 mil. The property was sold by Clise Properties Inc, a family-owned and -operated Seattle real estate developer, in an off-market transaction.

The parcel is bounded by Denny Way to the north, 8th Avenue to the northeast, Bell Street to the southeast, 7th Avenue to the southwest and Dexter Avenue to the west. The site is currently improved by a 91-key hospitality building that was formerly home to The Loyal Inn, a 22.8k sf office/retail building, and parking stalls serving the two properties. BioMed Realty’s plans for redevelopment include a state-of-the-art life sciences facility.

The property is directly adjacent to the picturesque Denny Park in Seattle’s Denny Regrade submarket, just steps from Amazon’s world headquarters. In addition to Amazon, the area is surrounded by economic and life science demand drivers including The Fred Hutchinson Cancer Research Center, Seattle Cancer Alliance, Swedish Hospital, Virginia Mason, Lake Union, University of Washington, Seattle University, PATH, Microsoft, Boeing and the Melinda and Bill Gates Foundation. The location also offers easy access to downtown Seattle’s numerous shopping, dining and entertainment amenities.

Newmark Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Directors Ken White and Tim O’Keefe represented the seller in the transaction.

“This site generated immense investor interest due to its prime location, significant scale and the lucrative opportunity to capture unmet demand for life science facilities,” said Shannon.

Life science venture capital funding totaled a record $43.3 bil in 2021, according to a study from Newmark Research. Abundant fund dry powder and fundraising activity as well as continued disruption to property types such as hospitality and conventional office have fueled the increase in capital into life science real estate. This trend, combined with 2022 deliveries of newly developed and renovated life science product in the top supply-constrained markets, is expected to keep life science investment at higher levels compared with pre-pandemic years.

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