Phoenix Selling Biomed Building for $71M

The Phoenix (AZ) city council has voted unanimously to sell a 173,000-square-foot building on the Phoenix Biomedical Campus to Translational Genomics Research Institute. TGen currently uses the building at 445 N. Fifth St. for its headquarters, and is using funding from its new partner, City of Hope, to cover $68 million in bond payments, plus an additional $3 million in cash for the 15-year-old asset.

TGen occupies approximately 75% of the downtown building, including space on the first floor from TGen spinoff Ashion, a CLIA lab that does molecular diagnostics for cancer patients. TGen is a non-profit organization that develops earlier diagnostics and treatments through study and research of genetics.

The city developed the building in 2002, shortly after TGen was launched, with the idea of boosting a biotech hub development in the CBD.

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