SEATTLE – Sept. 12, 2024 – Fred Hutch Cancer Center finalized an agreement with an affiliate of Alexandria Real Estate Equities, Inc. (NYSE: ARE) to acquire 1165 Eastlake Avenue East and enter into a joint venture partnership for a 70% interest in 1201 and 1208 Eastlake Avenue East that will add more than 300,000 square feet of research, lab and adaptable space to its South Lake Union campus. The acquisition will enable Fred Hutch to expedite planned research expansion faster than constructing a new building and avoid disruption to its labs currently leasing space in 1201 (the Steam Plant) and 1208 Eastlake. The decision aligns with the organization’s sense of urgency to rapidly advance research and care.
“We know that every day matters to those facing life-threatening illnesses,” said Thomas J. Lynch Jr., MD, Fred Hutch president and director and holder of the Raisbeck Endowed Chair. “This opportunity allows us to swiftly advance our research, expand our South Lake Union campus in the heart of Seattle’s life science and biotech community, and preserve space in the center of campus for future needs including clinical care, all in a way that is extremely cost-effective.” He added, “We appreciated the collaborative relationship with Alexandria as we explored and finalized this important agreement that will support our mission to prevent, treat and cure cancer and infectious disease.”
“Alexandria has been at the forefront of cultivating a world-class life science cluster in Seattle since entering the region in 1996 through our acquisition and leaseback of the original Fred Hutch campus, which marked the beginning of our longstanding strategic relationship with Fred Hutch,” said Hart Cole, executive vice president – capital markets/strategic operations and co-regional market director – Seattle of Alexandria Real Estate Equities, Inc. “Fred Hutch is an important innovation engine in the Seattle life science market, and we are pleased to enable their growth and deepen our relationship as they expand their South Lake Union campus within the Alexandria Center for Life Science – Eastlake mega campus ecosystem.”
While the acquisition is a pivot from Fred Hutch’s original plan to construct the new Stuart and Molly Sloan Precision Oncology Institute Building on its existing South Lake Union campus, the strategic investment will save more than $300 million in capital costs, a 60% savings over new construction.
Earmarked to support the new building was a large portion of a $78 million gift from Stuart and Molly Sloan and a $225 million gift from the Bezos family, both announced in 2022. Fred Hutch immediately engaged the donors when the opportunity for acquisition became available and gained their support.
“This acquisition is an extraordinary opportunity for Fred Hutch,” said Stuart Sloan. “We are in full support of this investment because it advances the researchers and their work to help cancer patients around the world. I’ve long believed that miracles come from the labs.”
With the strategic shift from new to existing infrastructure, Fred Hutch is working with the Bezos family to evolve the Anniversary Challenge and inspire gifts of $1 million or more in support of this acquisition and scientific priorities.
“This is an amazing opportunity to accelerate not only the growth of Fred Hutch’s campus but also the important science discoveries and the recruiting efforts supported by these new buildings. Because advancing discoveries places us that much closer to a cancer free future, we continue to think investing in Fred Hutch’s vision is important,” said Mike Bezos. “We are delighted to continue to support the Anniversary Challenge and that others will be invited to join us in facilitating this important work. As my wife Jackie is fond of saying, by acting together, we can make the impossible, possible.”
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Media Contact:
Christina VerHeul
cverheul@fredhutch.org
206-667-2210
Fred Hutch Cancer Center
Fred Hutch Cancer Center unites individualized care and advanced research to provide the latest cancer treatment options while accelerating discoveries that prevent, treat and cure cancer and infectious diseases worldwide.
Based in Seattle, Fred Hutch is an independent, nonprofit organization and the only National Cancer Institute-designated cancer center in Washington. We have earned a global reputation for our track record of discoveries in cancer, infectious disease and basic research, including important advances in bone marrow transplantation, immunotherapy, HIV/AIDS prevention and COVID-19 vaccines. Fred Hutch operates eight clinical care sites that provide medical oncology, infusion, radiation, proton therapy and related services. Fred Hutch also serves as UW Medicine’s cancer program.