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QUALCOMM CLOSES ESCROW ON NEW CORPORATE HEADQUARTERS

 SAN DIEGO, March 11 /PRNewswire/ -- QUALCOMM Inc. (NASDAQ: QCOM) announced today that it has closed escrow on a 345,000-square-foot building located on approximately 16 acres of land in San Diego to serve as its new corporate headquarters and R&D center. The property, known as the San Diego Design Center, was purchased from McKellar Development of La Jolla, Calif.
 This transaction is for approximately $22 million for acquisition of the property and QUALCOMM expects to add approximately $6 million for building improvements. QUALCOMM has also purchased four acres of land adjacent to this property for approximately $1.0 million, to be used for future expansion.
 The purchase of the Design Center reflects QUALCOMM's long-term commitment to remain a part of and major contributor to the San Diego community, according to QUALCOMM Chairman and Chief Executive Officer Irwin Jacobs.
 QUALCOMM currently employs about 900 people, 800 of whom are in San Diego, and occupies approximately 200,000-square-feet of leased space in 12 separate buildings. The new corporate headquarters will allow QUALCOMM to consolidate its operations, and will provide space to continue to support the company's rapid growth as it responds to commercial acceptance of its OmniTRACS satellite tracking and communications system and the Code Division Multiple Access (CDMA) digital wireless communications technology it has developed, Jacobs said.
 The company will move all of its San Diego operations except for its 50,000-square-foot manufacturing facility to the new corporate headquarters by the end of 1993, with the first moves expected to take place in mid-Summer, Jacobs said. The remainder of the building will continue to be occupied by existing tenants.
 McKellar Chief Executive Officer Chris McKellar called the acquisition "a perfect fit."
 "The San Diego Design Center and QUALCOMM each have bold characters and both are a source of civic pride. QUALCOMM's occupancy allows the continuation of the design center as the area's premier trade source," McKellar said.
 QUALCOMM Inc. develops, manufactures, markets, licenses and operates advanced communications systems and products based on digital wireless technology. QUALCOMM'S products include the OmniTRACS(R) system and digital wireless telephone systems and products based on Code Division Multiple Access (CDMA) technology. The company also develops and markets a range of VLSI devices.
 -0- 3/11/93
 /EDITOR'S NOTE: OmniTRACS is a registered trademark of QUALCOMM Inc./
 /CONTACT: Richard F. Grannis, treasurer of QUALCOMM, 619-597-5146; or Larry Anderson of the McQuerter Group, 619-450-0030, for QUALCOMM/
 (QCOM)


CO: QUALCOMM Inc. ST: California IN: TLS CPR SU:

JL-EH -- SD003 -- 5296 03/11/93 17:29 EST
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Publication:PR Newswire
Date:Mar 11, 1993
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