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IRVINE, CA-As the economic slowdown has many companies scrambling to cut costs by downsizing staffs and moving to smaller quarters, a locally based medical testing firm says it plans to both increase its employee base and relocate to a larger facility in the months ahead.

US Labs will move from its current location at the Irvine Spectrum, where the company occupies 20,000 sf, to a 52,000-sf industrial facility at Campus Drive and Teller Avenue. The company plans to relocate to the newly renovated site in September. Although the financial terms of the deal have not been released, area brokers estimate the lease to be worth nearly $8 million.

The firm, which specializes in genomics, needs a larger to accommodate its expanding operations. Company officials plan to hire additional employees in the upcoming months, as they anticipate that the firm will grow by at least 10% a month.

Palo Alto-based Menlo Equities LLC is the owner of the Campus Drive site, which is located near the I-405 Freeway and the 55 Freeway.

US Labs was represented by Ken Ward And Bill Larkin of the Staubach Co.

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