This five-story building was devised to serve the life-sciences/biotech industry centered in the Eastlake and South Lake Union Neighborhoods. The Blume Company acted as the developer of 1100 Eastlake. In 10/2010, Bruce Blume, head of the Blume Company, owed $46 million on the building which was finished in early 2009, just after the 2008 real estate crash. Key Bank was the main lender that lent Blume and his partners a total of $55 million. The bank and its representatives gave Blume until 01/07/2011 to resume payment or face losing the property at auction. This 177,000-square-foot building was built at a time developers added 2.5 million square feet of office space in Downtown Seattle. After 07/2008, demand for this space disappeared.

PCAD id: 12738