Transactions - DECEMBER 9, 2020

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Clarion Partners buys life science portfolio in Seattle for $450m

by Andrea Zander

Clarion Partners has acquired a 70 percent interest in a life science portfolio in Seattle’s South Lake Union for $450 million.

The seller was an affiliate of Alexandria Real Estate Equities.

“This transaction marks the first core life science offering in the Seattle market in several years,” said Kevin Shannon, co-head of U.S. capital markets at Newmark, which represented the seller. “Life science fundamentals are faring better than the overall office fundamentals with rents that are now ranging from $65 to $70 NNN annually, which allowed us to achieve record-setting pricing for the Puget Sound marketplace.”

Jesse Ottele, executive managing director at Newmark, added, “The Puget Sound ranks third nationally for life science growth over the past five years, with venture capital having increased 120 percent during that time frame.”

The portfolio, located at 1201 Eastlake Avenue E, 1208 Eastlake Avenue E, and 199 East Blaine Street, encompasse

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