PRAECIS PHARMACEUTICALS INCORPORATED COMPLETES SALE OF FACILITY FOR $51.25 MILLION

PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today announced that it has completed the sale of its approximately 180,000 square foot corporate headquarters and research facility located in Waltham, Massachusetts to Intercontinental Real Estate Investment Fund III, LLC, an affiliate of Intercontinental Real Estate Corporation. Concurrent with the closing of the transaction, PRAECIS signed a lease for 65,464 square feet of state-of-the-art laboratory and office space within the facility.

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