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6/27/22
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Work has started on a new 197k sf, nine-story, purpose-built life sciences development in downtown Seattle named 222 Fifth. The project is a joint venture between LPC West and Intercontinental Real Estate Corporation.
222 Fifth, located at the entrance to the Seattle Center and the base of the Space Needle, will anchor the South Lake Union Innovation District, spanning one-third of a city block. The project is purposefully built for research with outside air exchange, dedicated emergency power, side-loaded floors ideal for lab layouts, ample ceiling heights, and a loading dock specifically designed for lab use. The building will also have on-site security, a 10k sf outdoor view deck for tenant gatherings overlooking Seattle Center Park, and initial plans call for a coffee shop and evening bar.
New residential and retail space is slated for the mixed-use district. Several apartment projects are underway, with the most recent being MainStreet’s SiteLine Luxury Apartments. That project is scheduled to deliver 181 luxury apartments, 43 affordable units, and 50k sf of shopping and other commercial space by 2023. The area is also surrounded by existing restaurants, retail, cultural venues, recreation, and transit options.
CBRE is the leasing advisor for the development. 222 Fifth is LPC’s second life sciences project in Seattle. Construction is scheduled to complete in early 2024.
“This will be a one-of-a-kind project, in a one-of-a-kind location. In addition to the highest-end lab space specifications, 222 Fifth offers unmatched access to world-class performing arts and sports entertainment. This beautiful, Gensler-designed building will have a tremendous impact on the Seattle Center neighborhood and will meet a need in the market for high quality lab space,” said Paul Carr, Senior Vice President with CBRE’s Life Sciences group in Seattle.
The Greater Seattle area is the eighth largest life sciences market in the U.S. according to CBRE’s latest report on the sector. The Puget Sound region is home to 9.2 msf of life sciences space, as of the end of the first quarter of 2022, with an additional 3 msf+ slated to deliver within the next four years. Demand from life sciences companies remains strong, with 25 tenants in the market for a cumulative 847k sf of space at quarter’s end.
South Lake Union is already home to many of the Puget Sound region’s largest life sciences and research organizations, including the Bill & Melinda Gates Foundation, the Allen Institute for Brain Science, the Fred Hutch Cancer Research Center, and the UW School of Medicine.
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