June 20, 2019
Alexandria Real Estate Equities, Inc. acquired 601 Dexter Avenue North in Seattle from Base Properties LLC for $28.5 million. The deal involves a 23,632-square-foot land parcel, and the Copiers Northwest and BluZebra building.
The South Lake Union property allows development of a roughly 200,000-square-foot building. MZA Architecture designed a 12-story office building for the sellers (pictured), though it is unclear if the buyer plans to continue with that plan post-acquisition.
Kinzer Partners Capital Markets’ partner Stuart Williams led the team on the sale.
Williams says, “This is an outstanding opportunity in the heart of South Lake Union. The location on the corner of Mercer Street and Dexter Avenue is great for both visibility and transportation.”
Amazon.com is the primary growth engine for the entire Seattle CBD, notes Kinzer. The neighborhood is also home to major life science office and research companies, including Fred Hutchinson Cancer Research Center, Novo Nordisk, Juno Therapeutics, Seattle Cancer Care Alliance and PATH.
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