Praecis sells Massachusetts headquarters for $51.25 million, leases back space

By E. Janene Geiss

Philadelphia, Oct. 19 - Praecis Pharmaceuticals Inc. announced Wednesday that it completed the sale of its 180,000-square-foot headquarters and research facility in Waltham, Mass. to Intercontinental Real Estate Investment Fund III, LLC for $51.25 million.

Concurrent with the sale, the company signed a lease with Intercontinental, an affiliate of Intercontinental Real Estate Corp., for 65,464 square feet of laboratory and office space within the facility, company officials said in a news release.

Officials said the company realized, net of fees and expenses, proceeds of about $50.4 million. With the proceeds, the company retired the outstanding $31.4 million mortgage on the facility. The remaining $19 million will be used to further the company's research and development goals, officials said.

Richards, Barry, Joyce and Partners LLC acted as the broker for Praecis in the transaction, officials said.

Praecis is a biopharmaceutical company focusing on drug discovery and has products that include a MetAP-2 inhibitor for non-Hodgkin's lymphoma and a drug called Plenaxis, which is approved to market in Germany.

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