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Seattle, February 20, 2012 — Jones Lang LaSalle (JLL) has arranged the sale of Canyon Park Highlands II and III, a pair of life science research/office buildings located on 30th Drive in Bothell, Wash. The buyer is Senior Housing Properties Trust (NYSE:SNH), a Newton, Mass.-based healthcare REIT, which paid $38 million, or $262 per square foot for the 144,900 square foot properties.
JLL’s Seattle-based Capital Markets team of Lori Hill, Stuart Williams and Ann Chamberlin and leasing and market specialists Daniel Seger and Mark Flippo represented the seller, institutional investment advisor Washington Capital Management Inc.
The buildings are the headquarters of Seattle Genetics (NASDAQ: SGEN), one of Seattle’s largest biotechnology companies and a leader in the development of antibody-based therapies for cancer. The company has occupied one of the buildings since 2000 and expanded in 2011.
“The opportunity to acquire these buildings was highly appealing to investors active in the life sciences arena and garnered strong interest from prospective buyers,” according to Lori Hill, Managing Director, Jones Lang LaSalle. “The strength, innovative approach and positive growth projections of the tenant, along with the high-quality infrastructure of the laboratory facilities combine to create an outstanding long-term real estate investment vehicle,” she added.
“This is only the sixth life science building sold in Bothell in the last eight years but the interest level and pricing realized highlights the continued evolution of this market as an important hub for life science and biotech companies,” said Daniel Seger, Senior Vice President, Jones Lang LaSalle.
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About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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