Pacific Northwest Research Institute (PNRI), a nonprofit biomedical research institute based in Seattle’s First Hill neighborhood, has sold its research building as part of a strategic effort to strengthen its financial foundation and sustain its scientific mission.
The transaction is intended to generate operating cash flow and enhance flexibility to support research. As part of the transaction, PNRI will lease back space in the building. The six-story property has served as PNRI’s research home since 1988, housing laboratory, office, and meeting space. Its location along the Broadway corridor places it within one of Seattle’s most active life sciences and medical districts. The property will seek additional tenants in space not occupied by PNRI.
The sale enables PNRI to concentrate resources on advancing discoveries in genetics and human health. “This transaction strengthens our financial footing, provides near-term stability, and gives us the flexibility to plan boldly for the future,” said Mark Rieder, PhD, Chief Executive Officer of PNRI.
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