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lexandria Real Estate Equities is expanding its life sciences campus in Seattle's South Lake Union. The Pasadena-based real estate investment trust plans to buy and redevelop the historic 98-year-old Puget Sound Power & Light Utilities Building at 802 Roy Street, adding to its proposed Alexandria Center for Life Science.

    The estimated value of the project is around $280 million, which includes purchasing the vacant 50,300-square-foot building. The sale price was undisclosed as Seattle City Light sold the surplus property in 2017.

    This expansion will join two other "mega campuses" on city-owned properties in South Lake Union and Eastlake, part of Alexandria's decade-long plans. The company previously agreed to pay $143.5 million for the Mercer Blocks, which will form the core of the life science development.

    Alexandria is also building a 10-story lab building at 601 Dexter Avenue N and resumed construction on an 11-story, 227,000-square-foot life sciences building at 701 Dexter. Its partner, Sustainable Living Innovations, plans to build an 18-story apartment building across the street.

    Despite widespread vacancies and falling rents in Seattle's life sciences market, there are signs of new activity. KKR paid $161.8 million for a never-occupied life sciences building this summer and applied for upgrades to attract tenants as prices plunge for premium labs.