Seattle's known for its appetite for tech space, but life sciences companies are also active seekers of specialized office and lab space. We asked BioMed Realty VP and Seattle market lead Mike Ruhl, whose company specializes in the life sciences market, about BioMed's latest project: The Labs @ 201 Elliott, which is in the Omeros Building in Seattle.
Bisnow: What's the state of the market for life sciences space in Seattle?
Mike: Space is tight in Seattle. That's especially the case for those companies coming out of incubator space. Call them the mature startup companies. They have a track record, and they can get funding, but what they need is space to do their science, to take their companies to the next level. We saw a need for that kind of space in the market, and no one providing it. It's an underserved niche in the market.
Bisnow: That's why you decided to develop The Labs @ 201 Elliott?
Mike: Our main tenant at 201 Elliott, the Omeros Building (pictured), is Omeros, a biopharmaceutical company specializing in small-molecule and protein therapeutics. It takes up a majority of the building, and we want to help them grow in the building. Yet the remaining 43k SF on the second floor was an opportunity for us to address a short-term need in the market by building the space out in five suites to capture that underserved market: smaller life sciences companies.
Bisnow: How small?
Mike: The suites will be of different sizes, from about 4k SF to 10k SF, depending on tenant demand, but are grouped together to promote efficiency and creativity. Each suite will have its own lab and office space, but also access to building common areas and amenities, such as four conference rooms and the use of glass wash and autoclave facilities in the building.
Bisnow: What's the response been to the project?
Mike: We've gotten a lot of interest, including one letter of intent. We expect to sign leases in the not-too-distant future. Space of this kind is what the market wants—ready-to-go space for most life sciences purposes that isn't too large. We also expect that lease terms to be two to five years, which means that a company can grow into larger space. That flexibility's an important consideration for growing companies.
