The RMR Group Announces Completion of Unison Elliott Bay Redevelopment

Rhea-AI Summary

The RMR Group has completed the Unison Elliott Bay redevelopment project, delivering a mixed-use campus with 300,000 square feet of life science lab, R&D, and Class A office space in Seattle, WA. The campus features energy-efficient systems, green features, modern amenities, and a focus on employee wellness. Sonoma Biotherapeutics, Inc. has signed a 10-year lease for over 83,000 square feet of space in the 501 building. The project is managed by RMR and aims to achieve LEED Gold, Fitwel, and Wired Score certification.

Positive

• The completion of the Unison Elliott Bay redevelopment project offers premium lab space designed to drive innovation and scientific discovery, catering to the thriving life science market in Seattle.

• Sonoma Biotherapeutics' lease at Unison signifies the high quality of the redevelopment and the project's appeal to prominent biotech companies, contributing to job creation and economic growth.

• The focus on employee wellness, modern amenities, and green features at Unison reinforce a supportive work environment that prioritizes employee well-being and productivity, enhancing overall tenant satisfaction.

Negative

• The project may face challenges in maintaining high occupancy rates and attracting additional tenants in a competitive real estate market due to the abundance of similar offerings in the Seattle area, potentially impacting long-term profitability.

Revitalized Mixed-Use Campus Delivers 300,000 Square Feet of Life Science Lab, R&D and Class A Office in Seattle, WA

Campus Design Focuses on Wellness Amenities and Connection to Surrounding Nature

SEATTLE--(BUSINESS WIRE)-- The RMR Group (Nasdaq: RMR) today announced the completion of Unison Elliott Bay (Unison), a three building mixed-use campus with 300,000 square feet of Life Science lab, R&D and Class A office space located at 351, 401 and 501 Elliott Avenue West in Seattle, WA. Unison is owned by RMR client Office Properties Income Trust (Nasdaq: OPI), a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States.

(Photo: Business Wire)

Unison seamlessly integrates energy-efficient systems and green features to enhance the well-being of its occupants. The campus features Class A office space along with 200,000 square feet of 14’ floor-to-floor heights in the two dedicated lab buildings inclusive of move-in ready lab and R&D space with suites ranging from 12,500 to 25,000 square feet. The property includes dedicated mechanical infrastructure supported by standby generator power to accommodate demanding lab and technological power requirements. Green walls of preserved moss installed in the reception areas add vitality to the building lobbies and connect occupants to the natural surroundings, while felt matrix ceilings provide a modern aesthetic and enhanced sound attenuation.

The campus has modern comforts to encourage productivity and promote wellness including collaborative indoor and outdoor meeting areas, conference and training rooms, spacious fitness and changing room facilities and a landscaped courtyard with built-in pergola and sculptural art. Additional amenities including covered and surface parking, secure bike storage and centrally located EV charging stations are available to address the transportation needs of Unison’s tenants. Plans also include a chef-driven café as well as a rotating mix of food trucks along the landscaped roundabout.

Unison is uniquely situated on Elliott Bay with unobstructed views of Puget Sound and the Olympic Mountains, allowing occupants access to 15 acres of nearby trails, beaches and open space at Myrtle Edwards and Centennial Parks. Unison’s wellness programming, waterfront views and access to Seattle’s green spaces contribute to a work environment intended to prioritize employee wellbeing. The campus is on track to achieve LEED Gold, Fitwel and Wired Score certification.

Sonoma Biotherapeutics, Inc., a clinical-stage biotechnology company has signed a 10-year lease in the 501 building for more than 83,000 square feet. Sonoma Biotherapeutics occupies three floors of office and lab space for its R&D and Manufacturing Center, intended for the development of engineered regulatory T cell (T_reg) therapies for autoimmune and inflammatory diseases. The biotech company has moved its Seattle operations to Unison and plans to expand headcount and hire an additional 100 employees.

Chris Bilotto, Executive Vice President of The RMR Group, made the following statement:

“Unison is a revitalized mixed-use campus with premium lab space designed to drive innovation and scientific discovery. Seattle continues to be a top market for life science companies and Unison’s prime location, sophisticated lab infrastructure and rich amenities provides a compelling option to this community. Sonoma Biotherapeutics’ lease at Unison exemplifies the exceptional quality of this redevelopment and I am very proud of our team for delivering this project."

Unison is managed by RMR, which is responsible for providing all aspects of management services and strategy for over 2,000 properties across the U.S., including hotel, industrial, life science, medical office, multifamily, office, retail and senior living assets.

JLL’s Life Sciences Team of Joe Gowan, Managing Director and Tim Jones, Senior Vice President are leading leasing efforts for the campus. For more information on the campus, visit unisonelliottbay.com.

About The RMR Group

The RMR Group is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. RMR’s vertical integration is supported by over 1,100 real estate professionals in more than 30 offices nationwide who manage over $41 billion in assets under management and leverage more than 35 years of institutional experience in buying, selling, financing and operating CRE. RMR benefits from a scalable platform, a deep and experienced management team and a diversity of direct real estate strategies across its clients. RMR is headquartered in Newton, MA and was founded in 1986. For more information, please visit rmrgroup.com.

About Office Properties Income Trust

OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout the United States. As of December 31, 2023, approximately 64% of OPI's revenues were from investment grade rated tenants. OPI owned and leased 152 properties as of December 31, 2023, with approximately 20.5 million square feet located in 30 states and Washington, D.C. In 2024, OPI was named as an Energy Star® Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management as of December 31, 2023, and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquartered in Newton, MA. For more information, visit opireit.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240429448226/en/

Christopher Ranjitkar

Vice President, Marketing & Corporate Communications

(617) 219-1473

Source: The RMR Group Inc.