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.