Bothell-based shingles vaccine maker Curevo Vaccine has taken 13,642 square feet of office space at Plaza at North Creek in Bothell.
Commercial real estate brokerage Broderick Group first noted the lease in its third quarter 2023 Eastside Office Market Overview. Curevo didn't respond to requests for more information.
Curevo was founded in 2017. The company is developing a vaccine called CRV-101 aimed at shingles in older adults. Curevo says on its website the vaccine is in phase 2 trials with 678 subjects. Curevo is also investigating CRV-101's ability to protect immunocompromised children against chickenpox. The biotech raised $60 million in February 2022 and added $26 million in November.
Curevo lists its new address as 18911 North Creek Parkway. It was previously at 21540 30th Drive SE in Bothell.
In April, Curevo named Guy De La Rosa as the company's chief medical officer. De La Rosa had been the executive medical director for infectious diseases at Enanta Pharmaceuticals, where he spent more than two years. Before that, he spent more than two years at the Japanese pharmaceutical giant Takeda, where he held the role of senior medical director.
Curevo's new lease ran counter to some otherwise bleak statistics for commercial real estate in the Broderick Group report. Vacancy rates on the Eastside hit 14%, according to the report, up from 11.7% in the second quarter and 8.6% last year. Vacancy rates hit a low of 5.8% in 2019. Availability rates, meanwhile, hit 24.6% in the third quarter, up from 23.3% last quarter and 17.6% last year.
"A tsunami of supply transitioning from available to vacant is having a very negative impact on underlying economics," the report read. "It will take consistent expansion and new tenant demand to keep a lid on rising vacancy rates and shore up slumping economics as the market works through levels of supply never seen."
