BioMed Realty, a Blackstone portfolio company, has acquired Denny Park South site in Seattle, Washington.
Denny Park South site represents more than 600,000 square-feet of best-in-class life science development potential, said BioMed in a press release.
Located in the highly amenitized and talent-rich South Lake Union/Denny Triangle district, the 1.6-acre property consists of two adjacent parcels in close proximity to industry-leading life science and technology companies and research institutions.
“BioMed continues to be focused on growth and expansion in our established core markets, like Seattle, where market fundamentals remain strong and innovation ecosystems are thriving,” said Tim Schoen, CEO of BioMed Realty.
“We now have the ability to double our footprint in the Seattle market and continue investing in mission-critical lab infrastructure needed to meet strong tenant demand as life science and technology companies grow and scale in the region,” he added.
The Denny Park South acquisition will allow BioMed Realty to grow its existing 1.2 million-square-foot portfolio in Seattle which includes the recently completed flagship Dexter Yard project in South Lake Union.
This acquisition of Denny Park South, along with the T6 Innovation Center at 200 Taylor Avenue North, represent an additional 1.2 million square feet of development potential.
The company anticipates investing an additional $700 million to develop these new facilities over time and expects to create nearly 850 new local construction jobs.
BioMed’s local network of best-in-class life science and technology properties, along with its development pipeline now represent 2.4 million square feet in the region to provide companies with the flexibility to grow or establish a presence in the Seattle community.