Seattle Children's Hospital Purchases Third Downtown Property For Research Campus
December 19, 2007
Seattle Children’s Hospital has purchased a 252,000 square-foot, mid-rise office tower in Seattle, Washington for $35.9 million from Broadreach Capital Partners and joint venture partners Continental Properties and Unico Properties. The sale closed December 19, 2007.
The seven-story office tower known as “1915 Terry” is located in the Denny Triangle area of Seattle’s central business district. Previously owned by Qwest, the Broadreach-led partnership acquired the then vacant property in September 2006 and negotiated a 15-year lease with Children’s Hospital for the entire building that included an option for Children’s to purchase the asset in 2007.
“This acquisition helps further our efforts to expand our research facilities and, thus, continue our efforts to advance new therapies and cures that will ease suffering and end disease,” said Dr. Thomas Hansen, Children’s Hospital CEO. “As we enter the new year, we are committed to continuing our efforts to provide the best health care for all children.”
This transaction completes the third downtown Seattle acquisition for Children’s, after purchasing the Life Sciences Building at 1900 9th Avenue in October 2006 and a downtown city block unofficially known as “Stewart Place” in May 2007. With this acquisition, Children’s research campus totals 1.5 million developable square feet.
“Children’s acquisition of the property is a success for all the parties involved and we are very pleased to have participated in the hospital’s future growth plans,” said Trevor Wilson, senior director responsible for investment activity in the Pacific Northwest region for Broadreach Capital Partners.
Together these properties will form a unified, contiguous and localized campus filling nearly two entire adjacent city blocks. Situated at the south end of the Fairview biotech corridor anchored by Seattle Cancer Care Alliance, Fred Hutchinson Cancer Research Center and Zymogenetics in South Lake Union, Seattle Children’s Hospital Research Institute will connect Seattle’s growing research community, including its partners, the University of Washington and Fred Hutchinson Cancer Research Center. Children’s physicians and scientists are faculty members at the University of Washington.
About Seattle Children's Research Institute
At the forefront of pediatric medical research, Seattle Children's Research Institute has nine major centers, and is internationally recognized for advancing discoveries in cancer, genetics, immunology, pathology, infectious disease, injury prevention and bioethics. In its quest to cure childhood disease, the research institute brings discoveries to the bedside in partnership with Seattle Children's Hospital and Seattle Children's Hospital Foundation. Together they are Seattle Children's, known for setting new standards in superior patient care for more than 100 years. Children's serves as the primary teaching, clinical and research site for the Department of Pediatrics at the University of Washington School of Medicine, which consistently ranks as one of the best pediatric departments in the country. For more information visit http://research.seattlechildrens.org/.