University West sold to BioEnterprise

by Jeff Bendix

CWRU has agreed in principle to sell the University West building at 11000 Cedar Road to BioEnterprise Corporation for use as BioEnterprise's headquarters.

The sale was approved in January by CWRU's Board of Trustees as well as the board of trustees for BioEnterprise. The sale price was $5,995,000 and includes an adjoining 187-car garage and more than four acres of land. CWRU and BioEnterprise are finalizing terms of the agreement.

"This sale speaks to our strong support of the BioEnterprise initiative," said Rhonda Gross, senior vice president for finance and administration. "It also will allow us to physically consolidate some of the offices now located in University West with offices on our main campus."

BioEnterprise is a joint venture of CWRU, University Hospitals of Cleveland and the Cleveland Clinic Foundation designed to help develop and attract bioscience companies to northeast Ohio.

University West is home to CWRU's archives, with five employees; the controller's office, with 33 employees; and Enterprise Development Inc. with 16. It also houses technology and biomedical incubator companies and programs, including the Edison Technology incubator.

CWRU's archives and the controller's office are expected to move once BioEnterprise takes possession of the building. A new location is yet to be determined.

"Acquiring University West is a critical element in our strategy to build the optimal environment for biosciences business development in Northeast Ohio," said Bill Sanford, chairman of the board of BioEnterprise. "We are close to the research institutions that are the lifeblood of the biosciences field, and we are providing the structure and resources to drive commercial success. This facility will become a well-known, highly regarded center of excellence for biosciences innovation."

Built in 1967, the building was originally known as UCRC I. The name was changed to University West in 1992. It was renovated in 1997.

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