BioMed Realty’s 600 KSF Seattle Life Science Project Moves Forward – What is a Ground Lease?

, BioMed Realty’s 600 KSF Seattle Life Science Project Moves Forward – What is a Ground Lease?, Robert Khodadadian

Denny Park South. Image courtesy of BioMed Realty

The Downtown Design Review Board of Seattle has approved the preliminary design of BioMed Realty’s Denny Park South development, according to the Philadelphia Real Estate. The two-tower project is slated to encompass 616,000 square feet of life science laboratory and office space. The Board also allowed the developer to submit its master-use permit for a full build-out.

The firm purchased the entire city block in April 2022 for $126.8 million, with the intent to demolish the existing structures and conduct excavation for new building foundations. BioMed tapped Perkins & Will for the project’s architectural design, while Turner Construction will provide contracting services. For engineering, urban planning and infrastructure considerations, the developer is consulting with KPFF, Site Workshop, MacDonald-Miller, Hargis/Cochran and Rushing and OAC.

READ ALSO: Life Science Outlook Remains Strong—Cushman & Wakefield

Spanning 1.6 acres along Denny Way and Dexter Avenue, the project will be built over two parcels at 2300 Seventh Ave. and 2301 Eighth Ave. The first structure is set to be an 18-story tower and the second one an 11-story connection. The developer plans to include a lawn for public events, a small forest between the two towers and a 600-stall underground parking garage.

Situated within a mile of downtown Seattle, the facility will be within walking distance of many of the area’s top retail, dining and hospitality offerings, in addition to several of the developer’s ongoing and completed life science projects around the city, such as the T6 Innovation Center, a 540,000-square-foot research & development project.

BioMed’s life science build-up

Within Seattle, Denny Park South will add to the firm’s existing portfolio of 1.2 million square feet.

BioMed remains a prolific investor and developer in the life science sector, purchasing land and building up new projects within some of the nation’s most lucrative markets for the asset class. In Cambridge, Mass., the firm recently broke ground on 585 Kendall, a 600,000-square-foot life science facility that is entirely preleased to Takeda Pharmaceutical Co. In the Bay Area, the Blackstone subdivision opened a 245,000-square-foot portion of its Gateway of the Pacific campus, the new headquarters of Amgen.

The post BioMed Realty’s 600 KSF Seattle Life Science Project Moves Forward appeared first on Commercial Property Executive.

 Development, News, Office, Seattle, West, BioMed Realty, Perkins & Will, Turner Construction Company 

ground lease, ground leases, net lease, 101, ground lease nyc, properties, properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, broker, daniel shirazi, Off-market real estate

.com/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue035dae3e8240b625cd2dd0848417d5b:hover .ctaButton { background-color: #141414!important; } .ue035dae3e8240b625cd2dd0848417d5b .centered-text { display: table; height: 80px; padding-left: 18px; top: 0; } .ue035dae3e8240b625cd2dd0848417d5b .ue035dae3e8240b625cd2dd0848417d5b-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue035dae3e8240b625cd2dd0848417d5b:after { content: ""; display: block; clear: both; }
See also  Commercial/Multifamily Lending Expected to Fall in 2022 Due to Ongoing Economic Uncertainty – Robert Khodadadian

Leave a Reply

Your email address will not be published. Required fields are marked *