Breakthrough Buys Everett Biomanufacturing Facility, Everett 2026

Key Points

• Major Acquisition: Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has acquired a purpose-built biomanufacturing campus in Everett, Washington, for $78 million.
• Location and Scale: The property spans 270,000 square feet and is situated at 215 Shuksan Way, approximately 30 miles north of downtown Seattle.
• Long-Term Lease Secured: Simultaneously with the purchase, Breakthrough Properties secured a separate 21-year, single-tenant lease for the entire campus with an undisclosed global biopharmaceutical company.
• Background of the Asset: The site was originally developed by Dermody Properties and leased to Bothell-based biotechnology pioneer Seagen Inc. Seagen invested roughly $350 million into building out the high-tech facility but never occupied it after being acquired by Pfizer Inc. for $43 billion in December 2023, leading to a construction halt in early 2024.
• Strategic Expansion: This transaction represents Breakthrough Properties’ very first investment in the Pacific Northwest’s Puget Sound region, executed through its value-add vehicle, Breakthrough Properties Growth Portfolio II.

Everett (Evening Washington News) August 17, 2026 — Breakthrough Properties, a prominent life science real estate developer operating as a joint venture between New York-based Tishman Speyer and Los Angeles-based family office Bellco Capital, has formally acquired a state-of-the-art biomanufacturing facility in Everett, Washington, for $78 million. As reported by journalist Amy Works of REBusinessOnline, the transaction encompasses a massive 270,000-square-foot campus located at 215 Shuksan Way.

In tandem with the acquisition of the asset—sold by a Reno, Nevada affiliate of logistics real estate firm Dermody Properties—Breakthrough successfully orchestrated a 21-year, full-building lease agreement with an unnamed global biopharmaceutical company slated to transform the property into an active United States manufacturing hub.

What Are the Specific Capabilities and Infrastructure of the Everett Facility?

The expansive 270,000-square-foot campus is engineered to support an extensive and fully integrated range of biopharmaceutical operations. According to corporate news releases covered by local business media outlets such as 425 Business and reported via MyNorthwest, the facility accommodates comprehensive functional requirements including commercial drug manufacturing, rigorous quality-control laboratory operations, and integrated warehouse and distribution logistics. In addition to heavy industrial and scientific capabilities, the property features high-end administrative office spaces and an on-site employee café designed to sustain a full corporate workforce.

As detailed in trade coverage by real estate publication Capdex, the acquisition translates to a capital valuation of approximately $289 per square foot for the newly delivered pharmaceutical manufacturing plant. The site itself sits strategically along the vital Interstate 5 corridor in Snohomish County, positioned roughly 30 miles north of downtown Seattle.

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Why Was the Facility Vacant Prior to the Breakthrough Properties Acquisition?

The origin of the multi-million-dollar campus traces back to Seagen Inc., the prominent Bothell-based biotechnology corporation that originally leased the land and invested approximately $350 million into custom-building the advanced biomanufacturing infrastructure. However, as reported by GeekWire reporter Taylor Soper and cited across regional media sources, Seagen never moved into or operated out of the facility.

The vacancy occurred following pharmaceutical giant Pfizer Inc.’s massive $43 billion acquisition of Seagen in December 2023. In early 2024, Pfizer evaluated its consolidated manufacturing network and made the commercial decision to halt construction on the Shuksan Way site. As Pfizer explained in public statements to regional journalists at the time, medicines originally designated for production at the Everett plant were instead redirected to the company’s expanding manufacturing facilities in North Carolina, which already held the necessary scaled capacity.

Consequently, the multi-million-dollar development remained a non-performing, vacant asset until Dermody Properties finalized the recent sale to Breakthrough Properties.

How Does This Deal Fit Into Breakthrough Properties’ Investment Strategy and Fund Deployment?

The acquisition marks Breakthrough Properties’ inaugural market entry into Washington state’s thriving Puget Sound life sciences sector. As reported by journalist Michael Juliano in deep-dive coverage for real estate intelligence platform PERE, the purchase was executed through Breakthrough Properties Growth Portfolio II, the firm’s second value-add investment vehicle. This second fund follows the historic success of Breakthrough’s inaugural vehicle, which closed on a massive $3 billion in 2022.

The Growth Portfolio II strategy represents a tactical pivot toward acquiring dislocated, capital-intensive development assets and stabilizing them through long-term corporate leases rather than relying exclusively on speculative ground-up developments. Commenting on the strategic nature of the transaction, Breakthrough Properties Chief Executive Officer Dan Belldegrun stated in an official company release:

“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. We are thrilled about the next chapter for this world-class facility and to support our partners in achieving their strategic business objectives.”

What Wider Industry Trends Are Reflected in the Everett Campus Transaction?

Industry analysts and trade publications note that the transaction underscores a broader macro-trend across the United States life sciences sector: the rapid repurposing of specialized cGMP (Current Good Manufacturing Practice) infrastructure. Following years of aggressive post-pandemic industry expansion and subsequent corporate restructurings—such as the Pfizer-Seagen consolidation—real estate investors are stepping in to rescue halted or vacant projects.

Furthermore, Breakthrough Properties emphasized that the Everett campus acquisition aligns directly with a wider national movement toward domestic pharmaceutical manufacturing resilience. Major drug developers have collectively announced more than $600 billion in onshoring commitments aimed at fortifying domestic supply chains and reducing overseas dependencies for critical biological therapies. By securing a 21-year commitment from an undisclosed global biopharma tenant, Breakthrough has converted an inactive regional development project into a long-duration anchor for America’s evolving biomanufacturing landscape.