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June 8, 2015

Alexandria to start biotech building

By JOURNAL STAFF

Image Courtesy CollinsWoerman [enlarge]

Alexandria Real Estate Equities will break ground next week on The Alexandria Center, an 11-story biotech building at 400 Dexter Ave. N.

Juno Therapeutics will be the anchor tenant, taking about 90,000 of the 285,000 square feet. Juno will lease the top four floors and has an option on three more.

There will be a groundbreaking ceremony June 16.

An April filing with the U.S. Securities and Exchange Commission said the lease is expected to begin around Feb. 1, 2017. It is for seven years, with three five-year options to extend.

The filing says Juno will pay $48 per square foot in monthly base rent the first year, with annual increases of 2.5 percent.

CollinsWoerman is the architect, and BNBuilders is the general contractor. Other team members are KPFF Consulting Engineers, Weisman Design Group and Hart Crowser.

Alexandria is based in Pasadena, California and has more than 30 million square feet of U.S. property and development projects.

Alexandria's website says it uses a “cluster model” because life science companies want to be near top medical institutions and talent. Its cluster locations include Seattle, San Francisco Bay Area, San Diego, Boston, New York City, Maryland and Raleigh-Durham, North Carolina.

In Seattle, Alexandria has about 746,000-square-feet in the Lake Union area, according to its website.




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