Pacific Northwest Korry Electronics will pay an initial annual rent of almost $2.9 million, or about $12 per square foot, for its new Snohomish...
Korry Electronics will pay an initial annual rent of almost $2.9 million, or about $12 per square foot, for its new Snohomish County manufacturing and office facility, parent company Esterline Technologies said Friday in a regulatory filing.
The aerospace company said developer Capstone Partners would build a 250,000-square-foot building and lease it to Korry for 30 years. Korry has an option to renew the lease for up to 45 additional years, the filing said.
Korry chose to resettle near Paine Field after talks with the Port of Seattle fell through last week. Operating in Seattle is becoming too expensive, company executives said.
Snohomish County will lease 14 acres of land to Capstone at an initial rent of approximately 47 cents per square foot per year. The Port’s offer consisted of 10 acres of land, leased at between $2.30 and $2.50 per square foot per year.
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Vector Capital withdraws offer
Vector Capital said Friday that its offer to acquire Captaris for about $125 million has expired.
When the San Francisco private-equity firm launched its bid last week, software maker Captaris said it would consider Vector’s and other offers. But Vector, which claims its offer had the support of many of the company’s largest shareholders, ran out of patience at Captaris’ demurral.
“Your statements about our offer seem to assume that it will remain open as an alternative even after your exhaustive search for superior offers has concluded,” Vector Chief Executive Amish Mehta wrote in a letter to Bellevue-based Captaris’ board of directors. “We would like to disabuse you of that notion. Our offer has expired.”
Shelving of drug spurs fall in stock
The stock of Trubion Pharmaceuticals, a maker of autoimmune-disease and cancer drugs, fell the most in more than six months Friday after its partner, Wyeth, decided to stop development of a treatment for non-Hodgkin’s lymphoma.
Shares fell $1.81, or 15 percent, to $10.50 in Nasdaq Stock Market trading
Seattle-based Trubion said Thursday in a statement that Wyeth won’t pursue the product candidate, TRU-015, for use with the immune-system cancer, and won’t evaluate it for patients with kidney disease caused by lupus.
Wyeth has applied to begin early-stage clinical trials on another Trubion compound, SBI-087, for rheumatoid arthritis, the company said.
Fast Search buyout gets green light
Microsoft said it has received all governmental approvals required to complete its offer for Norway’s Fast Search & Transfer. Microsoft aims to complete the offer on or before April 30, it said Friday in a statement to the Oslo stock exchange.
Compiled from Seattle Times staff and Bloomberg News