Publications

Clarion Partners pays $364m for Seattle life sciences asset
Transactions - SEPTEMBER 22, 2021

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Clarion Partners pays $364m for Seattle life sciences asset

by Andrea Zander

Clarion Partners has acquired a 70 percent interest in Alexandria Real Estate Equities’ trophy life sciences asset in Seattle’s South Lake Union.

The sales price was $364 million, representing the second-highest price per square foot paid for a life sciences asset in Seattle’s history.

“This transaction marks another strong data point reflective of the current demand for core life science product in Seattle,” said Kevin Shannon, executive managing director at Newmark, which arranged the off-market sale. “Life science fundamentals are faring better than the overall office fundamentals, with rents that are now ranging from $65 to $80 NNN annually, which allowed us to achieve record-setting pricing for the Puget Sound market.”

400 Dexter encompasses 290,111 rentable square feet of first-class office and laboratory space in Seattle’s South Lake Union. The property, which is 100 percent leased, is anchored by Bristol Myers Squibb, and home to Alexandr

Forgot your username or password?