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]