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Glaxo Moving To New Building At Philly Navy Yard

PHILADELPHIA (AP) - Pharmaceutical company GlaxoSmithKline is moving its 1,300 employees in downtown Philadelphia to a high-tech new building at the city's former Navy Yard.

Glaxo said Tuesday it has signed a 15-year lease for an $81 million building in the Navy Yard Corporate Center in South Philadelphia.

The 205,000-square-foot facility is being designed to be environmentally friendly. Officials say construction will start this summer. The four-story building will open in late 2012 or early 2013.

Since the Navy officially closed the 1,200-acre waterfront yard in 1995, it has become a mixed-use office and research and industrial park.

GlaxoSmithKline is a major maker of vaccines and prescription drugs.