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April 24th, 2008
Quality lab space. Rent free.
That's the killer deal Hewlett-Packard Co. is giving Oregon State University, handing over a 20-year-lease to an 80,000-square-foot building on HP's Corvallis campus.
It's room HP doesn't need after years of job cuts, and space OSU badly wants as the university works to increase the scale of its engineering department and improve its national profile.
OSU values the donation at $25 million and said it marks a big growth opportunity for the university.
HP already lets the school use a quarter of Building 11 on the southeast corner of the company's campus, which is less than three miles from OSU. In the coming months, OSU will take over the whole thing and upgrade the facility with $9.5 million in improvements earmarked by the Oregon Legislature.
The facility is currently home to ONAMI -- the Oregon Nanoscience and Microtechnologies Institute -- and to the Microproducts Breakthrough Institute. Both organizations are affiliated with OSU and conduct research into medical and scientific applications for really, really small things.
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