Pasadena-based Alexandria Real Estate Equities Sells Property in Seattle to Fred Hutchinson Cancer Center for $150M

Pasadena-based Alexandria Real Estate Equities Inc., a commercial real estate owner and operator, sold 1165 Eastlake Ave. East in Seattle to Fred Hutchinson Cancer Center for $150 million on September 12. As part of the transaction, Alexandria entered a strategic joint venture partnership through an affiliate with Fred Hutch with respect to nearby buildings at 1201 and 1208 Eastlake Ave. East, which total 206,000 square feet, through a transfer of partial interests from the prior joint venture partner to Fred Hutch. Alexandria’s ownership interest in each of 1201 and 1208 Eastlake remains unchanged at 30%. It executed early renewals at 1201 and 1203 Eastlake, including a 15-year lease extension at 1201 Eastlake, where it occupies the whole building.

The transaction supports Fred Hutch’s commitment to the South Lake Union neighborhood. These two life science facilities support the cancer center in its mission to translate cancer and infectious disease discoveries into treatments and cures.

“This opportunity allows us to swiftly advance our research and expand our South Lake Union campus in the heart of Seattle’s life science and biotech community,” said Thomas J. Lynch Jr., president of Fred Hutch, in a statement.