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LPC West and Invesco Real Estate Close On 9-Story Building in the Heart of Seattle’s Flourishing Life Science Corridor
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Rhea-AI Summary
LPC West has partnered with Invesco Real Estate to acquire the Cascadian, a new nine-story office building in Seattle's life science corridor. The property, with 211,000 rentable square feet, will be converted into life science space to support local institutions like the University of Washington and Fred Hutchinson Cancer Center. Targeting LEED Platinum certification, the Cascadian will offer modern amenities including a rooftop terrace and transit access. Seattle, ranked as the nation's No. 5 life science city, has seen significant investments in the South Lake Union area, totaling $10 billion over the last 15 years.
Positive
Acquisition of the Cascadian enhances LPC West's presence in the booming life sciences sector.
211,000 square feet of rentable space caters to growing demand from local life science organizations.
Cascadian aims for LEED Platinum certification, indicating commitment to sustainability.
Seattle's rapid growth and large STEM workforce provide a solid market foundation.
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None.
SEATTLE--(BUSINESS WIRE)--
LPC West, the West Coast arm of national real estate firm Lincoln Property Company, has joined with Invesco Real Estate to close on the Cascadian, a new nine-story office building in the center of Seattle’s flourishing life science corridor, one of the nation’s leading hubs in this fast-growing field.
Located at the intersection of South Lake Union, Capitol Hill, and the Central Business District, the Cascadian includes 211,000 rentable square feet and can accommodate ground-floor retail. The building, which will soon undergo a conversion to life-science space, aims to meet the unique needs of Seattle’s robust base in the sector, which includes the University of Washington, Seattle Children’s Research Institute, Fred Hutchison Cancer Center, Seattle Cancer Care Alliance, Allen Institute for Brain Science, and the Bill & Melinda Gates Foundation.
“Cascadian delivers an impressive new building to one of the nation’s leading markets for research and innovation,” said J.P. Harlow, senior vice president of LPC West. “We look forward to helping meet Seattle’s upward demand for modern, dynamic buildings that serve the life science sector. Since launching our life science efforts in 2019, LPC West has been involved in over 4.5 million SF of transactions across all major life science markets in the west.”
The Cascadian will feature a 7,300 square-foot rooftop terrace with protected views of South Lake Union, the Olympic Mountains, the Space Needle and Downtown Seattle. Alongside abundant parking options on-site and nearby, the building will also feature comprehensive transit accessibility, with access to the I-5 and direct connections to the Metro and Sound Transit Express routes. Additionally, the property is in an area with a Walk Score of 96 – rated a “Walker’s Paradise” – according to a leading neighborhood walkability research firm. The building is targeting LEED Platinum certification.
The Puget Sound has emerged in recent years as a national hub for the life sciences. Anchored by a world-class research institution in the University of Washington and a concentration of renowned medical organizations, Seattle is ranked as the nation’s No. 5 life science city. Its workforce underscores this distinction: One in every five Seattle employees works in STEM professions, U.S. Census data shows.
Seattle is the nation’s 15th largest metropolitan area and has experienced rapid economic growth fueled by dynamic businesses headquartered in the region, including Amazon, Microsoft, and Costco. Ranked No. 1 on Forbes’ list of “Best Places for Business and Careers,” Seattle’s population grew more than 22 percent between 2010 and 2020 — more than any large U.S. city.
South Lake Union is a thriving mixed-use neighborhood that is home to major employers such as Seattle Children’s Hospital and the Fred Hutchinson Cancer Research Center, as well as thousands of residential units, and millions of square feet of office and life science space. Approximately $10 billion has been invested in the neighborhood over the last 15 years in the form of development and public infrastructure. South Lake Union hosts close to two dozen leading global health, tech, and research organizations.
About Lincoln Property Company
Lincoln Property Company manages and leases over 403 million square feet of office, industrial, and retail projects, and currently manages over 212,000 multifamily units. Over the last 15 years, Lincoln has been increasingly active with $15 billion of acquisitions and development, bringing its current total to over $76 billion in AUM. In the Pacific Northwest, LPC West currently owns and operates approximately 6 million square feet. Its properties span a variety of markets including Seattle and Bellevue and the surrounding region. The PNW has a robust pipeline of over 1 million square feet of office development in addition to over 1,000 multifamily units under construction and in planning. Access www.lpcwest.com for more information.
About Invesco Real Estate
Invesco Ltd. (ticker NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed $1.6 trillion in assets on behalf of clients worldwide as of August 31, 2021. For more information, visit www.invesco.com/corporate
