Dendreon confirms HQ move to Russell Center
Seattle biotech Dendreon will move its headquarters to downtown's Russell Investments Center and its research labs to South Lake Union, paying $50 million for the leased space over the next few years.
Seattle Times business reporter
Up-and-coming Seattle biotech Dendreon confirmed Tuesday it is moving its headquarters to downtown's Russell Investments Center.
In a regulatory filing, the company said it has leased nearly 180,000 square feet in the 42-story tower, formerly known as the WaMu Center, pushing the building's occupancy past 80 percent. Dendreon is taking eight upper floors — 32 through 39, according to the filing.
The Russell Center, at Second Avenue and Union Street, was nearly empty two years ago after the collapse of Washington Mutual, its former owner and occupant.
Dendreon also said it is moving its research labs to the Earl Davie Building on Eastlake Avenue East in South Lake Union, subleasing 97,000 square feet from another biotech, ZymoGenetics.
The Davie building lease is for 7 ½ years, the Russell Center lease for 5 ½ years with an option to renew for three more, Dendreon said. The company said it expected to pay a total of about $50 million in rent during the leases' initial terms.
Dendreon now occupies about 143,000 square feet of office and lab space in three Belltown and waterfront office buildings. All those leases expire this year, and the biotech had been looking for new, larger space for more than two years.
Last year it signed a letter of intent to lease space in Martin Selig's 635-645 Elliott complex on the waterfront, but that deal fell through.
Dendreon got a big boost last year when federal regulators approved its application to market the country's first cancer-treatment vaccine.
Its move to the Russell Center was widely anticipated after an architect firm filed permit applications last month on Dendreon's behalf for tenant improvements to three floors in the building.
Eric Pryne: 206-464-2231 or email@example.com
$440 million loss
Dendreon reported Tuesday that its revenue jumped to $48.1 million for 2011, compared to $0.1 million for the prior year, as sales of its pioneering prostate-cancer therapy kicked in after regulatory approval last spring.
The Seattle company's net loss for the year was $439.5 million, or $3.18 per share, compared with $220.2 million, or $2.04 per share a year earlier.
President and CEO Mitchell Gold told analysts on a conference call that Dendreon expects revenue of $350 million to $400 million this year, half of it coming in the final quarter.
According to a transcript, he said the company aims to introduce its treatment for prostate cancer, Provenge, in Europe late this year or early in 2012.
Dendreon is sold out on all the Provenge it can currently manufacture, but it's "on track" to quadruple the capacity of its first plant in New Jersey and complete plants in Atlanta and Los Angeles, Gold said.
Seattle Times business staff