Pacific Northwest Research Institute Sells Seattle Headquarters, Leases Back Research Space

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Pacific Northwest Research Institute (PNRI), a nonprofit biomedical research organization based in Seattle, has sold its longtime research headquarters in the city's First Hill neighborhood as part of a broader effort to reinforce its balance sheet and sustain its scientific work. As part of the transaction, PNRI will lease back space in the same building, ensuring that its laboratory and office activities remain on-site following the change in ownership.

Why it matters

The sale and leaseback structure allows PNRI to generate operating cash flow and provide greater financial flexibility to support and expand its research agenda, while still preserving physical proximity to Seattle's broader life sciences ecosystem. The move is intended to redirect resources more directly into PNRI's mission rather than into long-term ownership of real estate.

The details

The six-story property has served as PNRI's primary research home since 1988 and includes laboratory facilities, office areas, and meeting space that support the institute's biomedical research operations. With PNRI retaining a portion of the premises through a lease, the remaining space in the property will be marketed to additional tenants, creating the opportunity for a multi-tenant research and office environment within an established healthcare-oriented cluster.

• PNRI has occupied the building since 1988.

What they’re saying

What’s next

The buyer, sale price, and specific lease terms were not disclosed, but the institute emphasized that its presence in the building and in the First Hill medical district will continue, even as the ownership structure of its headquarters shifts from owner-occupied to leased space.