Children's Hospital Creates Research Institute, Acquires Adjoining Downtown Buildings

Taking a big step forward toward its ambitious mission to eventually eliminate all disease in children, Children’s Hospital today announced the acquisition of two contiguous downtown buildings and creation of the Seattle Children’s Hospital Research Institute.

Taking a big step forward toward its ambitious mission to eventually eliminate all disease in children, Children’s Hospital today announced the acquisition of two contiguous downtown buildings and creation of the Seattle Children’s Hospital Research Institute.

“The acquisition of these buildings puts us three years ahead of schedule and allows us to announce the creation of the Institute now,” said Dr. Thomas Hansen, Children’s Hospital president and CEO.

“As Children’s approaches its 100th anniversary in 2007, we are truly poised to expand our ability to advance new therapies and cures that will ease suffering and end disease. Investment in research is critical to providing the best health care for all children.”

Children’s purchased the Life Sciences Building at 1900 9th Avenue, a laboratory building which formerly housed the biotech company Corixa, for a recorded price of $108.9 million. The effective price, however, will be approximately $79.5 million, or $368 per square foot, after lease and improvement obligations due Children’s are considered.

Children’s also announced the acquisition of the former Qwest Building at 1915 Terry Avenue for $35.9 million, structured as a lease with an option-to-buy contract. The two buildings total 467,183 square feet. The hospital plans to move laboratory research to its new campus throughout the next year.

Children’s chose the downtown locations next to the South Lake Union neighborhood to be near Seattle’s growing research community, including its partners, the University of Washington and the Fred Hutchinson Cancer Research Center. The physicians and scientists that staff Children’s are faculty members at the University of Washington.

“Seattle Children’s Hospital Research Institute will give us state-of-the-art laboratory facilities for physician-researchers that will help us bring some of the best pediatric doctors in the world to Washington State,” Hansen said. “Children’s is already a recognized leader in pediatric health care, but there is still more we can do.”

“Over the next five years,” Hansen added, “we will undertake several other initiatives identified in our new strategic plan to ensure that our patient care and quality outcomes are among the best in the nation and that patients, families and physicians experience outstanding access and service.

Children’s is only halfway to our goal to acquire up to 1 million square feet of space to advance our research mission.”

Children’s has been leasing 50,000 square feet of laboratory space in the 307 Westlake building in South Lake Union and 40,000 square feet of office space at Metropolitan Park West in the Denny triangle neighborhood. Clinical research and administrative functions will remain at Metropolitan Park for the time being.

The acquisitions were made possible by hospital reserve funds and private donations contributed through the Campaign for Children’s, the hospital’s seven-year comprehensive fundraising effort to raise $300 million for facilities, uncompensated care and research.

Kinzer Real Estate Services is representing the hospital in the analysis and acquisition of the research properties.

View a photo of the new building. View a slideshow of photos on our Research website.

About Seattle Children’s

Seattle Children’s Hospital, Foundation and Research Institute together deliver superior patient care, advance new discoveries and treatments through pediatric research, and raise funds to create better futures for patients. Consistently ranked as one of the top 10 children’s hospitals in the country by U.S. News & World Report, Seattle Children’s Hospital specializes in meeting the unique physical, emotional and developmental needs of children from infancy through young adulthood. Through the collaboration of physicians in nearly 60 pediatric subspecialties, Seattle Children’s Hospital provides inpatient, outpatient, diagnostic, surgical, rehabilitative, behavioral, and emergency and outreach services to families from around the world.

Located in downtown Seattle’s biotech corridor, Seattle Children’s Research Institute is pushing the boundaries of medical research to find cures for pediatric diseases and improve outcomes for children all over the world. Internationally recognized investigators and staff at the research institute are advancing new discoveries in cancer, genetics, immunology, pathology, infectious disease, injury prevention, bioethics and much more.

Seattle Children’s Hospital and Research Foundation and Seattle Children’s Hospital Guild Association work together to gather community support and raise funds for uncompensated care, clinical care and research. The foundation receives nearly 80,000 gifts each year, from lemonade stand proceeds to corporate sponsorships. Seattle Children’s Hospital Guild Association is the largest all-volunteer fundraising network for any hospital in the country, serving as the umbrella organization for 450 groups of people who turn an activity they love into a fundraiser. Support from the foundation and guild association makes it possible for Seattle Children’s care and research teams to improve the health and well-being of all kids.

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