"[The agreement] will free up $76 million of cash by eliminatingthe cash restriction associated with the financing of 9800 MedicalCenter Dr.," says Human Genome executive vice president and CFOSteven C. Mayer. "This transaction reduces the total amount of cashrestricted on our balance sheet, which is related to variousfacility financings, from $294 million to $218 million."
The biotechnology property--the title to which is held by theMaryland Economic Development Corp.--consists of four low-risebuildings built between 1997 and 1999 that are 45,000, 61,000,73,000, and 140,000 sf in size. Real estate services firm ScheerPartners is charged with leasing the buildings, which are locatedin the I-270 Corridor; Canon US Life Sciences Inc. signed on forspace at the facility in October.
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