Fred Hutch Cancer Center has pivoted away from building the Stuart and Molly Sloan Precision Oncology Institute Building in favor of expanding by acquiring real estate, including an interest in the Lake Union Steam Plant.
The center on Thursday said it finalized an agreement with an affiliate of Alexandria Real Estate Equities Inc. (NYSE: ARE) to acquire a newer building at 1165 Eastlake Ave. E. and enter a joint venture partnership for a 70% interest in two nearby buildings: the steam plant and the Earl Davie Building at 1208 Eastlake Ave. E.
The investment will accelerate research and care as well as save over $300 million in new construction costs, the Hutch said.