Alexandria Real Estate Equities, Inc. has recently announced the successful sale of 1165 Eastlake Avenue East in Seattle’s Lake Union submarket to one of its longstanding tenants, Fred Hutch Cancer Center. This fully leased single-tenant life science facility was developed and delivered by Alexandria in 2021 and sold for a significant amount of $150 million at a strong capitalization rate of 4.9%.
As part of this transaction, Alexandria has also entered into a strategic joint venture partnership with Fred Hutch for two other properties located at 1201 and 1208 Eastlake Avenue East. These properties were previously owned by another joint venture partner but have now been transferred to Fred Hutch through partial interests while maintaining Alexandria’s ownership interest at both locations unchanged at 30%.
According to Thomas J. Lynch Jr., MD, president and director of Fred Hutch, this opportunity will allow them to further their research efforts and expand their presence within Seattle’s vibrant life science community in South Lake Union area.
“We are grateful for the collaborative relationship we have with Alexandria as we worked together on finalizing this important agreement that will support our mission to prevent, treat and cure cancer as well as infectious diseases,” said Dr.Lynch Jr.
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