WILMINGTON, Del. — AstraZeneca has sold its U.S. headquarters in Wilmington to a local real estate development firm giant in a deal reportedly valued at $50 million.

The News Journal of Wilmington reports that AstraZeneca signed a long-term agreement with Delle Donne and Associates to lease two buildings on the 80-acre campus.

An AstraZeneca spokeswoman said selling the property and leasing back a smaller footprint will allow the company to use office space more efficiently and reduce operational costs.

AstraZeneca announced in December that it was eliminating about 700 jobs in its U.S. commercial business, including about 120 in Wilmington, leaving it with about 1,500 employees in Delaware.

The pharmaceutical company, which once employed close to 5,000 workers in Delaware, announced in 2013 that it was cutting 1,200 jobs at its Wilmington headquarters.