Breakout biotech company Juno Therapeutics celebrates its IPO.
Breakout biotech company Juno Therapeutics celebrates its IPO.

Fast-growing Juno Therapeutics — fresh off its IPO from last December — is expanding its presence in its hometown of Seattle. The company just entered into a lease agreement for 80,000 square feet of space for a yet-to-be constructed building at 400 Dexter North.

The company also has reserved the right to take down more space at the location, which is located across the street from KING 5 and just a few blocks from Amazon.com’s expanding headquarters.

Juno is set to gain access to the building in August 2016 and move in in 2017, with a base rent of $48.00 per square foot in the first year, or $3.8 million.

Juno spun out of research from Fred Hutchinson Cancer Research Center, Memorial Sloan-Kettering Cancer Center and Seattle Children’s Research Institute. Prior to its IPO, the company raised more than $300 million from private investors, including Arch Venture Partners and Amazon CEO Jeff Bezos.

Juno’s stock has spiked in recent days, and the company is now trading at more than $58 per share, giving it a market value of $5.3 billion. The company, currently located at 307 Westlake Ave. North, is working on treatments for cancer.

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