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BOSTON (AP) _ Polaroid Corp. on Wednesday sold its office and manufacturing complex in Waltham, Mass., to a Boston-based real estate development company for $70 million.

The company said the move is part of a plan to convert real estate assets into cash and reduce its debt. The company said it will continue to lease space at the campus, where it manufactures and assembles its instant film.

After ``certain prepaid leases and other deferrals,'' the company said, the net cash proceeds from the sale to The Davis Companies, in a joint venture with Prudential Real Estate Investors, will equal about $50 million.

Polaroid, headquartered in Cambridge, said the agreement includes a provision that allows the company to share in additional development of the site.

When Polaroid announced the sale last November, its real estate broker said the campus could bring as much as $100 million.

Polaroid, which has annual sales of $2 billion, faces $363.7 million in short-term debt and $573.5 million in long-term debt.

In April, the company obtained waivers on some of its short-term obligations until May 15.

Other recent cost-cutting moves have included 950 layoffs, or 11 percent of the work force, the first dividend suspension in 30 years and the sale of two buildings on a prime site along the Charles River in Cambridge for $35.7 million.

In trading Wednesday on the New York Stock Exchange, shares of Polaroid closed at $4.77, down 4 cents a share.