SEATTLE –– Grounds broke Wednesday on a new, purpose-built, 197,000-square-foot, 9-story life sciences development in downtown Seattle, named 222 Fifth. The project is a joint venture between LPC West and Intercontinental Real Estate Corporation, with CBRE as leasing advisor. 222 Fifth is LPC’s second life science project in Seattle. Construction is expected to be completed in early 2024.
222 Fifth, located at the entrance to Seattle Center and the base of the Space Needle, is the first in a wave of new developments set to usher in the region’s newest life sciences hub: the South Lake Union Innovation District.
“Seattle is at the forefront of international research and discovery. We are thrilled to join its vibrant research community through this unique 222 Fifth project, which will anchor an exciting new life sciences hub for the region,” said Nicole Griffin, Asset Manager at Intercontinental Real Estate Corporation.
“222 Fifth is designed with space specifications and state-of-the-art life science equipment that exceeds other facilities in Seattle. Amidst all that Seattle Center has to offer and over one million square feet of new developments nearby, we are thrilled to be at the forefront of this intersection of research, life and play. said JP Harlow, Senior Vice President. with LPC West, which owns and operates more than 5.5 million square feet of life science facilities on the West Coast.
222 Fifth will anchor the South Lake Union Innovation District, covering one-third of a city block. The project is specifically designed for research with outdoor air exchange, dedicated backup power, side-loading floors ideal for lab layouts, ample ceiling heights and a specially designed loading dock for outdoor use. laboratory. The building will also have on-site security, a 10,000 square foot. outdoor view terrace for tenant gatherings overlooking Seattle Center Park, and initial plans call for an evening cafe and bar.
New residential and commercial spaces are planned for the mixed-use neighborhood. Several apartment projects are underway, the most recent being MainStreet’s SiteLine Luxury Apartments. This project is expected to deliver 181 luxury apartments, 43 affordable units and 50,000 square feet of retail and other commercial space by 2023. The area is also surrounded by restaurants, retail, cultural venues, entertainment and entertainment venues. public transport options.
“It will be a one-of-a-kind project, in a one-of-a-kind location. In addition to the highest lab space specifications, 222 Fifth offers unparalleled access to world-class performing arts and sports entertainment. This beautiful, Gensler-designed building will have a huge impact on the Seattle Center neighborhood and fill a market need for high-quality laboratory space,” said Paul Carr, Senior Vice President, Life Sciences Group, CBRE Seattle. .
The Greater Seattle Area is the eighth largest life sciences market in the United States according to CBRE’s latest industry report. The Puget Sound region is home to 9.2 million square feet of dedicated life sciences space as of the end of Q1 2022, with more than 3 million additional square feet expected to be delivered over the next four years. Demand from life sciences companies remains strong, with 25 tenants in the market for a cumulative total of 847,000 square feet of space at the end of the quarter.
South Lake Union is already home to many of the largest life science and research organizations in the Puget Sound area, including the Bill & Melinda Gates Foundation, the Allen Institute for Brain Science, the Fred Hutch Cancer Research Center, and the ‘UW School of Medicine.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate and investment services company (based on 2021 revenues). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving customers in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; assessment and evaluation; real estate leasing; strategic advice; real estate sales; mortgage services and development services.
About the Intercontinental Real Estate Company
Intercontinental Real Estate Corporation is an SEC registered investment adviser with decades of experience in real estate investing, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have collectively managed, developed or owned more than $19.5 billion in real estate. Today, Intercontinental manages a real estate portfolio of approximately $14.5 billion for its clients. Intercontinental’s portfolio is diversified both by a strong real estate mix and by geography. The fund strategies actively seek investment opportunities in Core and Core-Plus properties, as well as value-added operating properties and development projects.