Construction underway for new life science center to accommodate Seattle's growing life science sector
While the Seattle Space Needle is a well-known tourist attraction, a construction project at its base will look to attract a different type of visitor, namely those in the life science sector.
Construction has kicked off on a new 197,000 square foot, nine-story life sciences development called 222 Fifth. The project is a joint venture between LPC West and Intercontinental Real Estate Corporation, scheduled to be completed in 2024, and is LPC’s second life sciences project in the Emerald City.
“222 Fifth is designed with market-leading life sciences space specifications and amenities that exceed other facilities in Seattle. In the midst of all that Seattle Center has to offer, and over a million square feet of new development nearby, we’re excited to be at the forefront of this intersection of research, live and play,” said JP Harlow, SVP of LPC West.
The 222 Fifth location will be in the South Lake Union Innovation District, spanning one-third of a city block. The project will be for life science research containing an outside air exchange, side-loaded floors for lab layouts and a loading dock specifically designed for lab use, among other amenities.
The building will also have a 10,000-square-foot outdoor view deck overlooking Seattle Center Park and initial plans call for a coffee shop and bar, the firms touted.
The South Lake Union Innovation District has been a growing attractive spot. In 2019, life sciences real estate developer Alexandria agreed to pay the city government $138.5 million for a 2.86-acre site in the neighborhood, with the developer envisioning a life sciences cluster in the area.
LPC West itself owns and operates over 5.5 million square feet of life sciences facilities on the West Coast and the company aims to accommodate the growing life science industry in Seattle. Last year, the company bought another building in the South Lake Union district for $164 million for the life sciences. The area is also home to the Bill & Melinda Gates Foundation, the Allen Institute for Brain Science and the Fred Hutch Cancer Research Center, among others.
Seattle has been kind to the life science and biotech industries, as according to the local tech news site GeekWire, the number of life sciences researchers in the Seattle area grew 24% from 2015 to 2020. LPC West also stated that the Puget Sound region is home to 9.2 million square feet of life sciences space, as of the end of the first quarter of this year.