The big news in local biotech companies was last week’s announcement that ZymoGenetics has been acquired Bristol-Meyers Squibb for $885 million.
ZymoGenetics has been the main occupant of the old Lake Union Steam Plant since the builidng was remodeled in the 1990s. And, as Luke Timmerman writes at Xconomy.com, many people are wondering what will happen to the staff and the building after the new owner takes over.
ZymoGenetics bought the building in 1993 and, Timmerman reports, spent $25 million to refurbish it. Later, the company sold it to Alexandria Real Estate Equities with an agreement to lease it for 15 years, a deal that was later extended another two years.
The question is what would happen if Bristol-Meyers Squibb decided to leave part or all of the building, Timmerman writes. The space isn’t set up for multiple tenants and there aren’t many biotech firms large enough to need the building. Nothing is certain right now, he writes, quoting a ZymoGenetics spokesperson:
ZymoGenetics spokeswoman Susan Specht had no comment about what might happen to the facility as part of the transaction, and a Bristol-Myers Squibb spokeswoman said “no decisions have been made” about the people or the site.
To read Timmerman’s Xconomy post, click here.
A previous Eastlake Ave. post about the history of the plant is here.
And, a post from HistoryLink.org about the building’s history is here.