BioMed Realty grows Seattle portfolio with South Lake Union acquisition

BioMed Realty grows Seattle portfolio with South Lake Union acquisition
1101 Westlake in Seattle Photo Credit: Newmark

BioMed Realty has made its second investment in Seattle this quarter with the acquisition of 1101 Westlake, the 154,000-square-foot lab capable building located in the premier South Lake Union neighborhood.

The building is currently 100% leased to Meta.

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.

“Seattle remains one of the nation’s foremost hubs for life science and technology, drive 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,” he added.

“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.”