The building in which the company will consolidate, 9965 Federal Dr., was acquired last year by Corporate Office Properties Trust of Columbia, MD for $2.6 million. It is currently being renovated, with completion is expected before June. COPT says Spectranetics signed a "long-term" lease for the building and has a four-year option to have the building expanded by an additional 40,000 sf. The negotiated lease rate was not released by the parties involved and not otherwise immediately available.

Spectranetics develops, manufactures and markets single-use medical devices used in minimally invasive surgical procedures within the cardiovascular system in conjunction with its proprietary excimer laser system. InterQuest office park is located in the northeast submarket along Interstate 25, adjacent to a 132-acre land parcel in which Spectranetics acquired a 50% interest in September 2005.

Spectranetics currently leases and occupies four buildings here totaling 65,000 sf. The consolidation will occur in two phases. All research and development, clinical studies, regulatory, marketing, sales support and administrative functions are expected to move to the new facility in the first half of 2007, following the completion of tenant improvements. All manufacturing and related support functions will move to the new facility no more than 12 months later, following construction of a new 13,000-sf clean room, which is twice the size of its existing clean room.