The building is expected to be completed by fall. The hardconstruction cost wasn't disclosed; but area construction industrysources tell GlobeSt.com a biotechnological facility of thiscategory can't be built for less than $200 per sf or a total $3.6million.

The value of the 18,000-sf lease also wasn't disclosed but areabrokers peg current average asking general manufacturing rent at $4per sf. Brokers familiar with the Clearwater submarket tellGlobeSt.com the effective Cryo-Cell lease will probably be in the$8 to $10-per-sf range or about a total $1.5 million.

Mercedes Walton, chairman and interim CEO of Cryo-Cell, callsthe deal "a significant capital investment" for his firm and onethat "will establish a new standard for technological andoperational excellence." Walton says Cryo-Cell International is"the world's largest U-Cord stem cell banking firm, offeringhigh-quality cord blood preservation exclusively for the benefit ofnewborn babies and possibly other members of their family."