Thursday, May 11, 2006

Baxter BioScience Enters Sale Leaseback on CA Offices

Baxter BioScience is selling its office building in Westlake Village with plans to lease back the space. Baxter BioScience is a part of Baxter International Inc., based in Deerfield, Ill. The BioScience division, which also owns a manufacturing facility in Thousand Oaks, employs a total of 900 people at the two locations.

Though selling the office building, Baxter BioScience does not plan to scale back or leave the area, said spokeswoman Amy Cynkar. Instead, the company will enter into a long-term lease back agreement to remain in the part of the building it already uses. "We're only occupying half the building," Cynkar said. "It was mainly a financial decision." Baxter BioScience has sublet some space in the office complex since moving into the former Verizon building.

The 426,000-square-foot building was sold for an undisclosed amount to Tishman Speyer Properties. Sphere: Related Content

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