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Vulcan Drops $35M on South Lake Union Site For Future Allen Institute Expansion

Paul Allen's real estate arm is making sure the Allen Institute has room to grow

On Friday, Vulcan Real Estate spent $35 million to make sure the Allen Institute for Brain Science has room to grow.

The 791 Ninth Avenue N site was until recently the home of a Buca di Beppo restaurant but will eventually become an expanded part of the diagonally-located Allen Institute. The restaurant has moved to a new location.

The sellers, Talon Private Capital and Walton Street Capital, are pretty big winners here. They purchased the property for $10.5 million just 13 months ago. Talk about getting in on the right place and exactly the right time. The sellers did have plans in the works to build a seven-story office and retail building but those plans are likely over now that Vulcan flashed their wallet.

While Vulcan has been selling off a lot of South Lake Union real estate in recent years, they've been surgical with the properties that they have held onto. Clearly, they've got a strong investment in the Allen Institute and nearby Blocks and want to make sure they can grow as the neighborhood does.
· Vulcan pays $35M for site, plans for future Allen Institute expansion [PSBJ]
· Preservation, Sustainability & Collaboration: The New Allen Institute HQ Opens [CS]