Trammell Crow Sells Seattle Life Science Property for $119M
- Apr 09, 2021
Trammell Crow, together with Washington Capital Management on behalf of its clients, has sold Boren Lofts in downtown Seattle for $119.1 million, public records show. Oxford Properties Group acquired the 136,217-square-foot life science development just a few months after the building opened.
Located at 1930 Boren Ave. in the Denny Triangle neighborhood, the 10-story building is within walking distance of Amazon’s corporate headquarters and a couple of blocks from Interstate 5. The development side-mounted core comprises more than 15,000 square feet of uninterrupted floorplates, 15-foot-high ceilings, a rooftop terrace and some 4,400 square feet of retail. According to CommercialEdge data, Trammell Crow and Washington Capital Management received a $59.9 million construction loan from Wells Fargo Bank to develop the project, which is seeking LEED Silver certification.
The life science sector has experienced a boom in the past year, as the race for both a COVID-19 vaccine and treatment translated into accelerated demand for modern lab space. A recent JLL report names the Seattle-Tacoma-Bellevue metro area as the U.S. leader in terms life science employment acceleration.