SEATTLE–(BUSINESS WIRE) – LPC West, the west coast arm of national real estate company Lincoln Property Company, has partnered with Invesco Real Estate to close Cascadian, a new nine-story office building in the center of Seattle’s thriving life science corridor, one of the leading Centers of the country in this fast growing area.
Located at the intersection of South Lake Union, Capitol Hill and the Central Business District, the Cascadian has 211,000 square feet of lettable space with retail space on the ground floor. The building, which will soon be converted into a life science unit, is designed to meet the unique needs of Seattle’s robust base in that sector, which includes the University of Washington, the Seattle Children’s Research Institute, the Fred Hutchison Cancer Center and the Seattle Cancer Care Alliance includes, Allen Institute for Brain Science and the Bill & Melinda Gates Foundation.
“Cascadian is delivering an impressive new building to one of the country’s leading research and innovation markets,” said JP Harlow, senior vice president of LPC West. “We look forward to meeting Seattle’s growing demand for modern, dynamic buildings for the life science sector. Since starting our life science efforts in 2019, LPC West has been involved in over 4.5 million SF transactions in all major life science markets in the West. ”
The Cascadian will feature a 7,300-square-foot rooftop terrace with sheltered views of South Lake Union, the Olympic Mountains, the Space Needle, and downtown Seattle. In addition to numerous on-site and nearby parking facilities, the building will also offer extensive transport links with access to I-5 and direct connections to the Metro and Sound Transit Express routes. Additionally, the property is in an area with a Walk Score of 96 – rated Walker’s Paradise – according to a leading research company on walkable neighborhoods. The building is aiming for LEED Platinum certification.
Puget Sound has become a national hub for the life sciences in recent years. Anchored by a world-class research facility at the University of Washington and a concentration of renowned medical organizations, Seattle is ranked the No. 5 Life Science City in the country. The workforce underscores this distinction: one in five employees in Seattle works in STEM jobs, according to data from the US census.
Seattle is the 15th largest metropolitan area in the country and has seen rapid economic growth fueled by dynamic companies headquartered in the region, including Amazon, Microsoft and Costco. Ranked # 1 on Forbes’ “Best Places for Business and Careers” list, Seattle’s population grew by more than 22 percent between 2010 and 2020 – more than any major US city.
South Lake Union is a thriving mixed-use neighborhood that is home to major employers like Seattle Children’s Hospital and the Fred Hutchinson Cancer Research Center, as well as thousands of residential units and millions of square feet of office and life science space. About $ 10 billion has been invested in the neighborhood in the past 15 years in the form of development and public infrastructure. South Lake Union is home to nearly two dozen leading global health, technology, and research organizations.
About Lincoln Property Company
Lincoln Property Company manages and leases over 403 million square feet of office, industrial and retail projects and currently manages over 212,000 apartment buildings. Over the past 15 years, Lincoln has been increasingly active with $ 15 billion in acquisitions and developments, bringing the current total to over $ 76 billion in assets under management. In the Pacific Northwest, LPC West currently owns and operates approximately 6 million square feet. Its properties span a variety of markets including Seattle and Bellevue and the surrounding area. The PNW has a robust pipeline of over 1 million square feet of office development and over 1,000 apartment buildings under construction and planning. Enter www.lpcwest.com for more informations.
About Invesco Real Estate
Invesco Ltd. (Ticker NYSE: IVZ) is a global independent investment company dedicated to delivering an investment experience that helps people get more with their lives. Our distinctive investment teams offer a comprehensive range of active, passive and alternative investment opportunities. With offices in more than 20 countries, Invesco had $ 1.6 trillion in assets under management on behalf of clients worldwide as of August 31, 2021. For more information, see www.invesco.com/corporate