April 29, 2022
BIOMED REALTY STRENGTHENS SEATTLE PRESENCE WITH SOUTH LAKE UNION ACQUISITION
1101 Westlake is BioMed’s second Seattle acquisition this quarter, increasing its existing portfolio and development pipeline to 2.6 million square feet in the region
SEATTLE – April 29, 2022 - BioMed Realty, a leading provider of real estate solutions to the life science and technology industries, today announced the acquisition of 1101 Westlake in Seattle. The 154,000-square-foot lab capable building, located in the premier South Lake Union neighborhood, is currently 100% leased to Meta.
“Seattle remains one of the nation’s foremost hubs for life science and technology, driven by a highly educated workforce, growing population and leading research institutions,” said Tim Schoen, CEO of BioMed Realty. “BioMed is proud to provide life science companies and technology leaders with high-quality infrastructure where they can continue to collaborate and innovate in a thriving ecosystem.”
The 1101 Westlake acquisition brings BioMed Realty’s portfolio of existing office and lab space in Seattle to 1.4 million square feet, which includes the flagship Dexter Yard project, located in close proximity to this new property. The company currently maintains a development pipeline of approximately 1.2 million square feet, which includes the recent Denny Park South acquisition and the T6 Innovation Center at 200 Taylor Avenue North.
“This acquisition marks an important milestone for BioMed’s growing Seattle portfolio while simultaneously highlighting the continued return to office of the technology industry,” said Jon Bergschneider, President of West Coast markets at BioMed Realty. “The acquisition of this prominent, 100% leased property will enable us to support the city’s innovation ecosystem and talent-rich community now and into the future.”
BioMed’s local tenants include industry leading life science and technology companies seeking to capitalize on the region’s talent, capital and research institutions, including the Seattle Children’s Hospital, Novo Nordisk Research Center Seattle, Inc., Omeros Corporation, InBios International Inc., Lyell Immunopharma, Inc., Shape Therapeutics, Inc. and salesforce.com, inc. As BioMed bolsters its presence in the region, the Company will continue to prioritize its local community engagement initiatives, expanding on its ongoing efforts to create a more equitable, inclusive and climate-resilient Seattle.
Learn more about BioMed Realty’s Seattle properties, developments and operations at www.biomedrealty.com
About BioMed Realty
BioMed Realty, a Blackstone portfolio company, is a leading provider of real estate solutions to the life science and technology industries. As of March 31, 2022, BioMed owns and operates high quality life science real estate comprising 14.9 million square feet concentrated in leading innovation markets throughout the United States and the United Kingdom, including Boston/Cambridge, San Francisco, San Diego, Seattle, Boulder and Cambridge, U.K. In addition, BioMed maintains a premier in process development platform with 4.6 million square feet of Class A properties in active construction and 5.6 million square feet of future development platform in these core innovation markets to meet the growing demand of the life science and technology industries. To learn more about BioMed Realty, visit biomedrealty.com and follow the company on Twitter @biomedrealty.
Senior Director, Corporate Communications
April 29, 2022