Dendreon moving HQ to Selig building on waterfront
Seattle biotech Dendreon, fresh off winning regulatory approval for its cancer therapy, confirmed it's moving its headquarters and other local operations to a brand-new, bigger building.
Seattle Times business reporter
Seattle biotech Dendreon, fresh off winning regulatory approval for its cancer therapy, confirmed Monday it's moving its headquarters and other local operations to a brand-new, bigger building.
The company has signed a letter of intent to lease developer Martin Selig's 635 Elliott building, spokeswoman Katherine Stueland said in an e-mail.
Dendreon is leasing all 191,000 square feet in the four-story waterfront building completed last fall, she said. The lease is for 15 years, with options to renew for two more five-year terms.
"I couldn't be happier," Selig said. "They're a great company."
Brokers expect the Dendreon lease will be one of the biggest deals of the year.
The Food and Drug Administration last week approved Dendreon's application to market Provenge, a prostate-cancer therapy that is the country's first cancer-treatment vaccine.
The company's stock price soared on the news.
Dendreon, based in Seattle since 1998, now occupies about 130,000 square feet in three buildings in Belltown and along the waterfront. All those leases expire in 2011, and the biotech let it be known last year it was looking for more space along the waterfront or in South Lake Union.
Selig also said Monday that Clear Channel Communications, the radio and billboard giant, has signed a letter of intent to lease one full floor — about 35,000 square feet — in his new, four-story 645 Elliott building, adjacent to the new Dendreon headquarters.
The Dendreon and Clear Channel announcements follow another piece of good news for Selig: Last week, the General Services Administration, which handles real estate for federal agencies, announced it had leased 172,000 square feet in his 17-story Fifth & Yesler building, also completed last year.
Matt Christian, a senior director at brokerage Cushman & Wakefield-Commerce, called the deals "very good news for the market, and even better news for Selig."
The transactions "take him from a precarious position to one of real strength," Christian said.
Eric Pryne: 206-464-2231 or firstname.lastname@example.org