MOSAID Technologies Inc. has sold its Ottawa head office campus for a profit, at $10.5 million in cash.

The patent licensing company announced the sale and lease-back of the 77,000-square-foot property on 11.3 acres of land to PCM Kanata Fifth Inc. MOSAID itself will continue to use 15,500 square feet of office space for seven years and assumes responsibility for finding a subletter for 50,000 square feet for two years as part of the deal.

MOSAID had said in late June that it was on the lookout for a buyer for the campus because the 300-person facility was too big for its 35-person workforce. It had previously received a $14-million offer for the property, but the deal fell through in August due to "internal business issues."

The building and land had a net book value of $5.2 million at closing.

MOSAID will be recognizing the approximately $5-million pre-tax gain over the periods of lease-back, and will take an immediate one-time charge of $1.1 million as a result of the responsibility for subletting.