Children's Hospital acquires Denny Triangle tower
Children's Hospital & Regional Medical Center has bought a seven-story office tower it leased last year in the Denny Triangle area near...
Seattle Times business reporter
Children's Hospital & Regional Medical Center has bought a seven-story office tower it leased last year in the Denny Triangle area near downtown, capping its quest for enough real estate to build a major research center there.
The $35.9 million deal closed last week, the sellers said.
The building, at 1915 Terry Ave., is adjacent to two of the hospital's recent acquisitions: a research building at Ninth Avenue and Stewart Street, and a parking lot where Children's plans to build additional laboratory space.
The latest purchase brings the existing and potential space for the proposed campus to 1.5 million square feet.
The 252,000-square-foot building once belonged to Qwest Communications. Children's leased it in October 2006 from Broadreach Capital Partners, Continental Properties and Unico Properties.
Children's chose to create a new research hub to free up space for patient care at the hospital's main location in the Laurelhurst neighborhood, and to provide ample room for the research operation to grow.
The new campus is near life-sciences research facilities in the South Lake Union area, such as the Fred Hutchinson Cancer Research Center and the University of Washington.
"It's a great location for our researchers because they're so close to their research partners," said Lisa Brandenburg, chief administrative officer at the hospital.
Researchers have already moved into the 11-story building at Ninth and Stewart and occupy some 200,000 square feet of it.
Full development of the campus will take at least a decade, said Brandenburg.
Ángel González: 206-515-5644 or email@example.com
Copyright © 2007 The Seattle Times Company
UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case
UPDATE - 09:32 AM
Bank stocks push indexes higher; oil prices dip
UPDATE - 08:04 AM
Ford CEO Mulally gets $56.5M in stock award
UPDATE - 07:54 AM
Underwater mortgages rise as home prices fall
NEW - 09:43 AM
Warner Bros. to offer movie rentals on Facebook