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April 8, 2015

Juno leasing space in Dexter project

By JOURNAL STAFF

SEATTLE -- Seattle biotech company Juno Therapeutics said it will lease 80,000 square feet in a planned biotech building at 400 Dexter Ave. N. in South Lake Union.

Alexandria Real Estate Equities is developing the building, which will be 11 stories with 288,000 square feet of office and lab space. CollinsWoerman is the architect.

According to a filing with the U.S. Securities and Exchange Commission, the space should be done by Aug. 3, 2016, so Juno can begin to design and build its offices. The lease is expected to begin Feb. 1, 2017, and is for seven years, with three five-year options to extend.

Juno will pay $48 per square foot in monthly base rent when it moves in, with an annual increase of 2.5 percent. In the first year, Juno will pay $3.8 million in base rent, and by the final year that number will increase to $4.5 million.

All of this is based on Juno taking 80,000 square feet in the building, but it also has an option to expand.




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