The purchase was made possible thanks to the public company's maneuvering earlier this month, which involved selling and leasing back its three-building, 158,000-sf headquarters in the South Lake Union neighborhood.
Pasadena, Calif.-based Alexandria Real Estate Equities paid $52 million for the facilities. The value of the leaseback, a 15-year-deal including renewal options, was not released. ZymoGenetics owned all three buildings outright with no associated debt obligations.
ZymoGenetics intends to use the property along with three other parcels it owns to build a $50 million manufacturing facility. Earlier this spring, the company said it would delay the construction of a $50 million manufacturing facility in an effort to save $45 million budgeted for construction and equipment costs between now and 2004.
"We believe that in the environment today, financial strength becomes ever more important for biotechnology companies, giving increased flexibility to operate," Bruce L.A. Carter, president and chief executive officer of ZymoGenetics said at the time the delay was announced. "In addition to the considerable financial benefits that we will realize, this decision will allow our staff to focus on the advancement of our lead products, while eliminating the time commitments that would have been required to bring the plant on line."
The three-story facility eventually will be constructed to allow for research designed to produce therapeutic proteins for early phase clinical trials.
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