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Biotech / Medical : Trickle Portfolio
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To: tuck who wrote (1224)10/8/2002 3:55:30 PM
From: keokalani'nui  Read Replies (1) of 1784
 
Biotech cashes in on real estate: ZymoGenetics sells, leases back HQ

By Luke Timmerman
Seattle Times business reporter


GREG GILBERT / THE SEATTLE TIMES
To raise cash, ZymoGenetics has sold its historic City Light Steam Plant building with the famous smokestacks in Seattle.

ZymoGenetics has sold its historic headquarters, including the City Light Steam Plant along Lake Union with the famous smokestacks, for $52 million to a publicly traded real-estate company.

ZymoGenetics, Seattle's oldest biotech company, says it sold its buildings to raise cash and isn't moving anywhere. It has signed a 15-year agreement to lease back the steam plant and two other buildings from its new landlord, Alexandria Real Estate Equities of Pasadena, Calif.

(full text at)

seattletimes.nwsource.com
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