BioMed Realty paid nearly $127 million for a downtown Seattle block where they seek to develop 1.2 million square feet of life science and technology space.
The demand for lab and office space has grown in recent years as biotech companies seek to develop cures and treatments for diseases. Funding from venture capital and the National Institutes of Health has helped contribute to the real estate and development boom.
“The biggest thing for any of these life science or biotech tenants is time,” said BioMed CEO Tim Schoen. “For them to get into the space quickly and not have to wait a year and a half to two years for a building to be built … really speeds up their ability to get up and running and do their science.”