Hutch Buys Building for $36M
The Fred Hutchinson Cancer Research Center said today it has agreed to acquire a 177,000 square foot building for $36 million from a development group led by Bruce Blume. The center said it will use the new building, at 1100 Eastlake Avenue East, for offices and to support shared resources at its main campus across the street. The Hutch plans to move into the new building in June 2012. The building has been vacant since it was completed in early 2009, and recently faced the possibility of being sold at auction through foreclosure, according to an October report in The Seattle Times. The developer borrowed $55 million to construct the building, and still owed $46 million as of October, the Times said.