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Eden Bioscience Subleases Half of HQ

BOTHELL, WA-The average annual rate on the five-year, 34,302-sf deal is $24.28 per sf, or $833,000. Another 4,000 sf of office space is still being marketed for sublease, Eden CFO Brad Powell tells GlobeSt.com.

By Gina Binole | Updated on January 09, 2003

BOTHELL, WA-Eden Bioscience Corp. is subleasing 34,302 sf of excess laboratory and office space at its 62,000-sf headquarters building in Bothell, Wash. to Ceptyr, a biotech company focused on therapies for diabetes, obesity, cancer and immunosuppression.

The five-year sublease begins this month. The average annual rate on the deal is $24.28 per sf, or $833,000. Another 4,000 sf of office space is still available for sublease, Eden CFO Brad Powell tells GlobeSt.com.

Powell says the rental income will not fully recover costs associated with the subleased space. As a result, a charge to operations totaling $4.3 million was recorded in the quarter ended Dec. 31.

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