"[The agreement] will free up $76 million of cash by eliminating the cash restriction associated with the financing of 9800 Medical Center Dr.," says Human Genome executive vice president and CFO Steven C. Mayer. "This transaction reduces the total amount of cash restricted on our balance sheet, which is related to various facility financings, from $294 million to $218 million."
The biotechnology property--the title to which is held by the Maryland Economic Development Corp.--consists of four low-rise buildings built between 1997 and 1999 that are 45,000, 61,000, 73,000, and 140,000 sf in size. Real estate services firm Scheer Partners is charged with leasing the buildings, which are located in the I-270 Corridor; Canon US Life Sciences Inc. signed on for space at the facility in October.
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