Property Type

SEATTLE — Alexandria Real Estate Equities, through an affiliate, has completed the sale of 1165 Eastlake Avenue East in Seattle’s Lake Union submarket to long-standing tenant Fred Hutch Cancer Center for $150 million. Alexandria developed and delivered the 100,086-square-foot, single-tenant, Class A life sciences building in 2021. Proceeds from the disposition of 1165 Eastlake will be reinvested into Alexandria’s leased development and redevelopment pipeline, which consists of research-and-development centers for top life sciences companies, including Bristol Myers Squibb and Novo Nordisk. As part of the transaction, Alexandria, through an affiliate, entered into a strategic joint venture partnership with Fred Hutch for nearby 1201 and 1208 Eastlake Avenue East, aggregating 206,031 rentable square feet, through a transfer of partial interests from the prior joint venture partner to Fred Hutch. Alexandria’s ownership interest in each 1201 and 1208 Eastlake remains unchanged at 30 percent. Fred Hutch executed early renewals at both properties, including a 15-year lease extension at 1201 Eastlake, where it occupies the entire building. These two life sciences facilities support the cancer center in its efforts to translate cancer and infectious disease discoveries into treatments and cures.