October 8, 2015University of Washington closes on a $143 million biomedical research building
Seattle, WA – University of Washington’s School of Medicine and the National Development Council closed on the financing for the development of a $143 million biomedical research building in South Lake Union. The project is the fourth phase in a biomedical research campus and is located on two full city blocks in the South Lake Union neighborhood of Seattle.
The existing campus has established University of Washington as a national leader in biomedical research and consists of 3 state-of-the-art laboratory buildings and one administrative building, totaling over 400,000 square feet of usable space. In total, the projects represent an investment of more than $365 million.
The new building will provide approximately 165,000 square feet of biomedical research facilities, with three clinics and associated clinical research facilities. Research at the new site is expected to include new programs and the expansion of existing programs, including microbiology, global health, kidney research, immunology, biomedical informatics, neurosciences, protein design, gastrointestinal and behavioral assays. The new building will include a primary care clinic, as well as a diabetes clinic and an ophthalmology clinic focused on retinal diseases.
The project is being delivered using the National Development Council’s American model for public-private partnerships. The model uses tax-exempt bond financing and employs a private sector development team to maximize the benefits of private sector development expertise. The development team includes the UW School of Medicine, Vulcan Real Estate, Perkins+Will, Sellen Construction and National Development Council.
“This project will further ensure that the School of Medicine remains at the forefront of leading edge biomedical research focused on improving the health of the public.” Said John Slattery, Vice Dean for Research and Graduation, School of Medicine, University of Washington, “The presence of clinic space will also provide a unique opportunity to integrate clinical care and research in this vibrant area of the city.”