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Alexandria Real Estate to buy Seattle-owned site for $138.5M

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Alexandria Real Estate to buy Seattle-owned site for $138.5M

Alexandria Real Estate Equities Inc. agreed to pay $138.5 million to Seattle for the roughly three-acre Mercer Mega Block near Inc.'s campus in what is expected to be the city's largest-ever real estate transaction, Bloomberg News reported, citing Mayor Jenny Durkan.

The office real estate investment trust is planning a $1 billion project at the site, with two new office buildings, a community center and an apartment tower containing at least 175 affordable units, the news outlet added.