A bio-manufacturing facility in Everett, Wash., which was built by Seattle biotech giant Seagen but never opened under its Pfizer ownership, is getting a new lease on life.

Breakthrough Properties, a life sciences real estate company, said Friday that it has acquired the 270,000-square-foot facility at 215 Shuksan Way for $78 million and leased the entire campus for 21 years to an unnamed global biopharmaceutical company.

Seagen invested approximately $350 million to build out the facility, which was designed for drug manufacturing, quality-control labs, warehousing and distribution. But the company never moved in after drug maker Pfizer acquired Seagen for $43 billion in 2023.

“Pfizer regularly evaluates our manufacturing network to ensure capacity is effectively utilized based on projected product demands,” the company said in a statement to GeekWire in 2024. “After careful evaluation, we have made the difficult decision to wind down construction of the site.”

The facility sits about 25 miles north of Seattle along the I-5 corridor and is Breakthrough Properties’ first investment in the Puget Sound region.

The deal comes as pharmaceutical companies increase investment in U.S. manufacturing capacity. Breakthrough said major drugmakers have announced more than $600 billion in recent commitments to expand domestic production and strengthen supply chains.

The Everett facility was part of Seagen’s broader manufacturing expansion before the company was acquired by Pfizer for $43 billion. GeekWire previously reported on Seagen’s plans for the 270,000-square-foot Everett facility.

Breakthrough Properties is a joint venture between global real estate company Tishman Speyer and biotech investment firm Bellco Capital. A spokesperson for the company, which owns and develops life sciences properties in the U.S. and Europe, declined to provide details on the new tenant or the move-in date.

A judge in Seattle ordered Kalshi to shut down large parts of its prediction market in Washington state by Sept. 2 — less than three weeks from now — and denied the New York-based company’s attempt to pause the order while it appeals the ruling.

The order by King County Superior Court Judge John McHale, issued Wednesday, requires Kalshi to geofence Washington users out of markets for sports, elections, politics, entertainment, culture, tech and science, and “mentions,” contracts on whether public figures will say specific words.

Kalshi can continue offering markets on commodities, climate, economics, and finance in the state. Users will also be allowed to close out positions they already hold in the prohibited categories.

The order sets a $120,000-a-day penalty if Kalshi misses the Sept. 2 deadline, although Kalshi can also submit an affidavit explaining any delay and let the court determine the final penalty.

That penalty would match what Nevada regulators are separately seeking from Kalshi in a June contempt motion for allegedly failing to comply with a similar injunction there.

In his ruling, McHale wrote that Kalshi “willfully ignored” a Washington State Gambling Commission notice from December 2025 stating that event-based contracts are not authorized in the state. He also concluded that “the public interests at stake and potential harm to consumers” outweigh harm to Kalshi from the injunction.

Kalshi disputed the premise of the ruling on Thursday, reiterating its position that the U.S. Commodity Futures Trading Commission “has exclusive jurisdiction” over the exchange.

“We respectfully disagree with the court’s decision and are considering all legal options,” spokesperson Jacki McGavick said in a statement responding to the ruling.

Attorney General Nick Brown, who brought the suit, said in a statement that Kalshi “has gotten rich promoting wagers on sports, elections, natural disasters, events related to the Iran War, and more.”

However, Kalshi said its platform does not offer markets on wildfires, war, death, or terrorism. Kalshi has disputed reporting that has grouped its platform with rival Polymarket, which has drawn scrutiny for wildfire and other markets Kalshi says it doesn’t allow.

Kalshi had asked both McHale and the state Court of Appeals to pause the injunction pending appeal, and lost at both levels: a Court of Appeals commissioner denied an emergency stay request Monday, and McHale entered his own denial Wednesday with his larger order.

It’s the latest development in a case that Brown filed in March. McHale granted a preliminary injunction on July 20, finding Washington was likely to prove Kalshi is running illegal online gambling and rejecting the federal preemption argument. Kalshi appealed to the Court of Appeals and brought in former U.S. Acting Solicitor General Neal Katyal for its defense.

Kalshi’s remaining state-court options include asking a full Court of Appeals panel to review the commissioner’s ruling, or seeking emergency review at the Washington Supreme Court.

Washington state is emerging as a key battleground in the national fight over whether federal commodities oversight allows prediction markets like Kalshi to override state gambling laws.

King County Superior Court Judge John McHale in Seattle sided with Washington Attorney General Nick Brown on July 20, granting a preliminary injunction and rejecting Kalshi’s core defense: that oversight by the U.S. Commodity Futures Trading Commission preempts state gambling law.

A check of the docket shows the case has escalated significantly since then. Kalshi has appealed to the Washington Court of Appeals, and asked McHale to pause his injunction pending that appeal.

Court records also indicate that former U.S. Acting Solicitor General Neal Katyal, Kalshi’s lead national counsel in similar state cases, is now representing the company in the Washington state case. The involvement of a lawyer with years of experience arguing before the U.S. Supreme Court signals that Kalshi is preparing for a serious appellate fight over federal preemption rules.

McHale has yet to rule on Kalshi’s stay motion or enter the operational terms of his injunction, which means the platform is still operational in the state nearly three weeks after his ruling.

Both sides have been pushing to shape McHale’s decision, submitting federal court rulings from other states for his consideration.

• In its filings, Kalshi has cited a July 27 Minnesota federal court order that blocked that state from enforcing a similar prediction-market ban.
• Washington countered on Aug. 5 by pointing out a Utah federal ruling against Kalshi, then followed on Aug. 7 with a Michigan federal ruling against Coinbase Financial Markets, which is trying to run its own prediction market.

McHale’s next ruling, expected in the coming days, should determine whether Kalshi will have to stop operating in Washington state while its appeal plays out.