NanoString, a 12-year-old Seattle company whose tools help genetic researchers better analyze genes and molecules, is expanding its footprint in the South Lake Union neighborhood. The company announced today that it will lease 21,541 square feet at a new building to be constructed at 500 Fairview Avenue North, adjacent to its corporate headquarters at 530 Fairview Avenue North.
The new space will be used for labs, office and storage, with the lease expected to take effect in April 2016. The base rent will be $88,356 per month.
NanoString also is extending its lease at 530 Fairview to run through 2026, starting at a base rent of $150,361 per month, starting on Jan. 1 2015. That rate will increase three percent annually.
In addition, the company is expanding its footprint at an office space at 617 Eastlake Ave. East, increasing it from 8,754 square feet to 23,081 square feet effective Feb. 1 2015. The lease-term is 10 years, and base rent will be $38,025 per month starting in February.
NanoString, which spun out of Leroy Hood’s Institute for Systems Biology with an exclusive license on the genetic barcoding technology, has seen its stock drop 18 percent this year. The company now has a market value of $255 million.