Monday, January 08, 2007

Oregon Health & Science University Completes $44.4 Million Sale Leaseback of Bioscience Campus

OGI School of Science & Engineering Web Site - January 08, 2007

Oregon Health & Science University announced today it has completed the planned sale and leaseback of its OGI School of Science & Engineering campus in Hillsboro. The sale, a key component in OHSU's strategy of building a multidisciplinary bioscience research and education campus at the South Waterfront, was finalized with the investment group Wakefield Capital on Dec. 22. The $44.4 million sale price was in line with OHSU projections, and allows OGI to boost its endowment to more than $48 million.

The school's goal is to secure a $60 million endowment by 2012, providing support for Ph.D. students and about 40 distinguished faculty members who will eventually move to the Schnitzer Campus just south of Marquam Bridge. In the meantime, OGI will lease back its existing campus and sublease any portions not used for research and education to area bioscience, high-tech, and other companies.

In addition to building the school's endowment, proceeds from the sale will pay for the leaseback and be used to invest in new faculty members and research. Under terms of the agreement brokered by Cushman & Wakefield Inc. in Portland, the buyer, which is a wholly owned subsidiary of Wakefield Capital, LLC, a Chevy Chase, Md.-based joint venture formed to invest in health care-related real estate, will lease the campus back to OHSU for seven years, with two three-year extension options. Sphere: Related Content

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