Located at 333 Cassell Drive on a sprawling 130-acre campus, the laboratory building is 14-years old and has not undergone any significant upgrades since its original development, although the laboratories are state-of-the-art facilities. "It's a pretty extraordinary price we sold it for," Scheer Partners senior vice president Joseph A. Sutton tells GlobeSt.com. "There was a lot of competition. There were 18 bidders and we selected the most capable buyer," he says. "The ground lease covers the entire Bayview campus; everything under the Bayview Campus will be put under lease."

Pharmaceutical company Alpharma USPD has its regional headquarters in the building, and the campus is also home to the Johns Hopkins Geriatrics Center, the Administrative Services Center power plant, Johns Hopkins Asthma & Allergy Center, Johns Hopkins Behavioral Biology Research Center and the Francis Scott Key Pavilion. The National Institutes of Health also has offices in the building. "The leasehold sale will allow Hopkins to continue to manage the campus in an integrated research community promoting collaboration among Hopkins, NIH, and corporate scientists and expanding economic development for the City and State," Sutton says in an earlier statement on the transaction.