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CORVALLIS, Ore.--Oregon State University decided to purchase a new building on Research Way, two miles southwest from the center of campus. It will be a hub for biological and chemical science research.
OSU will purchase the 103,000-square-foot building for $19.8 million. The university hopes to integrate industry, academic research, and start-ups within the space.
“This is a unique opportunity to buy a building in Corvallis that is equipped for scientific research,” said Steve Clark, Oregon State’s Vice President of University Relations and Marketing. “And it is much more cost-efficient compared to constructing a new building.”
The two current tenants, including SIGA Technologies, will continue to occupy space in the building. Oregon State expects to bring in an estimated $1.6 million in revenue over the next five years from leases with tenants and existing cell towers on the property.