Vulcan sells South Lake Union office/lab building for $106 million

Vulcan Real Estate officials said Thursday they have sold the Institute of Systems Biology (ISB) office/lab building in Seattle’s South Lake Union area to Kilroy RealtyCorp. for $106.1 million.

The per-square foot price works out to $755. The Puget Sound region  per-square-foot record is $749, though that was for an all-office building leases at 202 Westlake Ave. N. The ISB building at 401 Terry Ave. N., is about a block north of 202 Westlake.

The 11-year-old ISB building was one of Vulcan Real Estate’s first developments in South Lake Union and helped cement the area as a center for technology companies and health care research. In addition to Amazon and ISB, the neighborhood is home to UW Medicine, Fred Hutchinson Cancer Research Center and life-science companies.

Vulcan officials said they’ll invest the funds from the sale in developments in South Lake Union, where the company has built 5.2 million square feet of office, biotech, residential and mixed-use space over the last decade.


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