EVERETT — A defunct, 270,000 square-foot office building, originally built for biomanufacturing, has been purchased for $78 million by a New York based financial venture, Breakthrough Properties, and includes a 21-year lease for a new, undisclosed tenant, according to a company press release.
Breakthrough Properties announced it also secured a separate 21-year lease for the entire campus with a “global biopharma company”, which the firm declined to identify. The seller was Dermody Properties, a Nevada-based logistics real estate firm, according to a regulatory filing.
The three-story building at 215 Shuksan Way between Glenwood Avenue and Hardeson Road, is situated next to Amazon facilities near Paine Field. The newly purchased building has been dormant since Pfizer bought Bothell, Wash.-based Seagen in 2023. A few months after Pfizer’s purchase in early 2024, expansion plans for the building were shelved. The Shuksan Way property was owned by Seagen and acquired in the company purchase. Pfizer cancelled the Seagan plan to develop the Everett building and shifted Seagen’s planned operations to its own facilities in North Carolina, according to Pharmaceutical-Technology.com .
New owner, Breakthrough Properties, describes itself as a life sciences specialist and is a joint venture of New York-based manager Tishman Speyer and Los Angeles-based family office Bellco Capital.
Breakthrough Properties says the deal represents its first investment in Washington’s Puget Sound region. The company owns 12 other life sciences properties across the US and three in Europe, according to its website.