Breakthrough Properties Acquires Former Pfizer/Seagen Biomanufacturing Facility in Everett for $78 Million
核心洞察
Breakthrough Properties (搜索) acquired the 270,000-square-foot biomanufacturing facility at 215 Shuksan Way in Everett, Washington, for $78 million from its second life science fund.
The firm simultaneously secured a 21-year lease for the entire campus with an undisclosed global biopharma company to establish a U.S. manufacturing facility.
The site was originally built by Seagen at a cost of roughly $350 million but was never occupied after Pfizer acquired Seagen in 2023 and shut the facility down in 2024.
Breakthrough Properties (搜索), a global life science real estate developer, has acquired a recently delivered biomanufacturing facility at 215 Shuksan Way in Everett, Washington, for $78 million, the firm announced Friday. In tandem with the acquisition, Breakthrough secured a separate 21-year lease for the entire 270,000-square-foot campus with a global biopharma company to create a U.S. manufacturing facility. The lessee was not disclosed as of the announcement.
The property has a notable history. In April 2022, Seagen, a Bothell-based biotech company, announced plans to build the Everett facility with the goal of manufacturing medicine for clinical trials and the commercial market. Seagen invested approximately $350 million to build out the biomanufacturing facility but never moved in after being acquired by Pfizer in 2023. In 2024, shortly after acquiring Seagen, Pfizer shut down the facility, backing out of a 20-year lease. An unnamed Pfizer spokesperson told The Daily Herald in a 2024 email that roughly 120 employees working as the plant was built "will be impacted," though it was not confirmed whether that meant layoffs.
"This transaction is emblematic of Breakthrough's unique value proposition. We identified an opportunity to unlock near-term value from a newly delivered, state-of-the-art facility by leveraging our global relationship network to seamlessly execute multiple agreements that created a positive outcome for all parties involved," said Breakthrough Properties (搜索) CEO Dan Belldegrun. "We are thrilled about the next chapter for this world-class facility and to support our partners in achieving their strategic business objectives."
A Facility Built for End-to-End Manufacturing
The Shuksan Way facility is designed for fully integrated, end-to-end manufacturing, offering a full range of capabilities and amenities. These include drug manufacturing and quality control labs, warehouse and distribution logistics, administrative office spaces, and an onsite café. Biopharmaceuticals are drugs developed from organisms or living cells to treat a wide range of diseases.
Strategic Focus on U.S. Biomanufacturing
The acquisition exemplifies Breakthrough's growing focus on investing in U.S. biomanufacturing infrastructure, amid the over $600 billion of recent onshoring commitments made by major pharmaceutical companies to strengthen domestic supply chains. Pharmaceutical companies such as Eli Lilly, Pfizer, AstraZeneca and Roche recently announced around $500 billion in U.S. investments, according to a Reuters report.
Breakthrough Properties (搜索) is a joint venture of Tishman Speyer and Bellco Capital, and acquired the property with money from its second life science fund. The firm is one of the most active life science real estate developers, with a portfolio spanning six million square feet of premier environments in operation and in the development pipeline across the United States and Europe.
First Investment in the Puget Sound Region
The acquisition marks Breakthrough's first investment in the Puget Sound region, which the firm describes as a premier global innovation market distinguished by its highly skilled, highly educated workforce and deep concentration of biotechnology, engineering, and advanced-manufacturing talent. The region is home to world-class research institutions, incubators, and industry organizations supporting life sciences companies across the full innovation cycle, from early-stage discovery and company formation through clinical development and commercialization.
The site sits approximately 25 miles north of Seattle along the I-5 corridor, providing connectivity to Seattle-Tacoma International Airport, commercial airport Paine Field, the Port of Everett, and railway access linking the site to major North American freight corridors.
Notable Breakthrough properties (搜索) include One Milestone, its recently completed life science environment anchored by the Roche Genentech Innovation Center at the new Harvard Enterprise Research Campus; Torrey Heights, a 10-acre San Diego life science campus serving as the headquarters for Pfizer's oncology division; and One Helix, a state-of-the-art research facility in Amsterdam fully leased to AstraZeneca.