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Phase II Of HDL, Inc. Headquarters Expansion Begins This Week
Date:4/17/2013

t of $25 million, Phase II requires tearing down the small, two-story BioTech Five on Navy Hill Drive, a process that started this week. The building was used by HDL, Inc.'s sales support, client services, and technology teams, and demolition will make way for the remainder of the headquarters. When complete, HDL, Inc.'s offices and laboratories will encompass 283,000 square feet (approximately five football fields) and hold an additional 400 employees. Features of the headquarters include a rooftop park and green space, a 24/7 gym for employees, and the building's atrium will eventually contain spiral slides connecting the sixth, fifth, and fourth floors. The real estate is valued at roughly $80 million, and with equipment costs HDL, Inc.'s total investment in the biotech park will reach more than $100 million.

Robert T. Skunda , President and CEO of the Virginia BioTechnology Research Park, said Phase II of the Biotech Eight expansion will increase total development at the park to more than 1.25 million square feet of space, representing a capital investment exceeding $560 million. "Few believed that the research park could grow to become such an economic powerhouse when it was first launched 20 years ago. It has put Virginia on the map in biotechnology and the life sciences, and is helping us to compete globally to attract and grow this important sector of our region's economy," he said.

Phase II's financing is provided by Fulton Bank, based in Pennsylvania with a major Virginia presence, as well as Virginia-based banks StellarOne and Xenith Bank.  The Lingerfelt Companies, a Richmond-based developer, has been involved with the project since its inception.

"Since partnering with HDL in 2009, it has been a fast-paced development cycle and we are pleased to assist HDL in its expansi
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SOURCE HDL, Inc.
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