Just one real estate move could indeed satisfy both short and long-term needs.
Transaction Details
Client: Seattle Children's Research Institute
Size Range: 220,000 - 1.7M SF
Space Type: Office, Lab/Clinical
Sector: Non-Profit
Service Line: Brokerage, Consulting & Strategic Planning, Portfolio Management & Optimization
Keywords: Life Sciences, Healthcare
Total Client Transactions: 24
Detailed Expertise
- Tenant representation
- Strategic planning
- Site identification, selection and lease
- Disposition services
- Assemblage and acquisition services
Challenge
Seattle Children’s Research Institute faced an immediate need for 60,000 SF of in-city interim lab and office space, and a longer-term need for a larger, permanent facility. Not only was the Institute facing two moves, but it was also facing a three-year wait, even for an interim move, assuming the specialty lab space needs would require building versus leasing.
Solution
Seattle Children’s is one of the most respected non-profits in the community, a fact Kinzer knew could be used to the client’s negotiation advantage. During the investigative phase, Kinzer discovered an expansive downtown building originally designed as a lab, that was now vacant and saddling a Fortune 100 company with an unwanted long-term lease. Kinzer quickly negotiated a discount on the leasehold.
At the same time, Kinzer entered into separate, confidential arbitrage negotiations with the building owner and the leaseholder — a move that resulted in the Institute’s successful purchase of a 220,000 SF state-of-the-art office and lab building, at below replacement cost.
Additionally, Kinzer secretly assembled an adjacent building and a full block of adjacent properties totaling 1.7 million SF, turning Children’s short-term solution into their long-term solution, and enabling just one move, three years ahead of schedule.
