The company and its nine employees will move into office space Sept. 1. Although rent was not disclosed, the lease is on a year-to-year basis.
Aside from Algos, the Midway building also has landed two other biotech firms--RST Implanted Cell Technology and a protein technology firm called Zoltan, according to Maree Cook, who works on leasing the building for its owner, David Reynolds.
After buying the building in December, Reynolds decided to market it as incubator space given that about 40% of the former BCA building is wet lab space--equipped to handle liquids and gases used in research.Algos had waited for more than a year for the 125,000-sf University Enterprises Laboratories to open, but delays in financing forced them to choose a different location. The non-profit University Enterprise Laboratories is a partnership between the University of Minnesota and the city of St. Paul.
The former Bureau of Criminal Apprehension Building at 1246 University Ave.--called Menlo Park St. Paul--is the new kid to the party as far as Twin Cities biotech incubators go. In addition to University Enterprise Laboratories, Elliot Park Life Sciences Institute, a 61,000-sf project on the eastern fringe of Downtown Minneapolis, is under development by the Midwest Orthopedic Research Foundation.
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