Trammell Crow Sells Seattle Life Science Property for $119M
The recently opened Boren Lofts is just blocks away from Amazon’s corporate headquarters.
Boren Lofts. Image courtesy of Trammell Crow Co.
Trammell Crow, together with Washington Capital Management on behalf of its clients, has sold Boren Lofts in downtown Seattle for $119.1 million, public records show. Oxford Properties Group acquired the 136,217-square-foot life science development just a few months after the building opened.
Located at 1930 Boren Ave. in the Denny Triangle neighborhood, the 10-story building is within walking distance of Amazon’s corporate headquarters and a couple of blocks from Interstate 5. The development side-mounted core comprises more than 15,000 square feet of uninterrupted floorplates, 15-foot-high ceilings, a rooftop terrace and some 4,400 square feet of retail. According to CommercialEdge data, Trammell Crow and Washington Capital Management received a $59.9 million construction loan from Wells Fargo Bank to develop the project, which is seeking LEED Silver certification.
The life science sector has experienced a boom in the past year, as the race for both a COVID-19 vaccine and treatment translated into accelerated demand for modern lab space. A recent JLL report names the Seattle-Tacoma-Bellevue metro area as the U.S. leader in terms life science employment acceleration.
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