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Title: Real Estate/News and Media - Net Lease News News on sale leaseback transactions, lease financings, and the sale of single tenant net leased investments. Weblog editor: Patrick R. Mickey.
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Net Lease News

The foremost source for the latest news on sale leaseback transactions, lease financings, and the sale of single tenant and net leased real estate investments worldwide. Author: Patrick R. Mickey

Monday, March 03, 2008

UK Courts in £145 Million Build-to-Suit for Justice Center in ManchesterThe Press Association - February 27, 2008The Queen will visit the largest civil and family court to be built for more than 100 years in England and Wales.Her visit will include the unveiling of a plaque at the official opening of the Manchester Civil Justice Centre, a new £145 million building in the city centre. The Queen will be accompanied by Lord Chancellor and Secretary of State for Justice, Jack Straw and Lord Chief Justice, Lord Phillips of Worth Matravers.The new courts building is a state of the art 14-storey landmark at the heart of Manchester's business area. The initial building costs of £110 million was paid by the developers, Allied London. It is then leased back to the government who effectively rent the building on a 35-year lease.How much taxpayers money is spent renting the new building has not been disclosed as Her Majesty's Court Service say this is "commercially confidential." A spokesman said the rent was "competitive."The Mondrian-style building was designed by Australian architects Denton Corker Marshall following an international design competition.Posted byPatrick R. Mickeyat10:10 PM0commentsLinks to this post

Monday, January 21, 2008

VeriSign Seeking Sale Leaseback of Silicon Valley HQSilicon Valley / San Jose Business Journal - January 21, 2008VeriSign Inc. has put its Mountain View corporate headquarters up for sale. According to offering documents, VeriSign will entertain several purchase options, including the sale of the entire campus to a single buyer or the sale of its "North Buildings," to one party and the sale of its "South Buildings" to another. The North Buildings consist of a 32,500 square-foot data center, two matching office buildings with a total of just less than 100,000 square-feet and a four-story parking garage with 454 stalls, all on nearly 11 acres. The South Buildings consist of two office buildings with nearly 160,000 square feet on 10.6 acres. The company intends to lease back the offices in the second pool for the next 10 years but is guaranteeing that it will occupy the data center only through March 2013 and the two office buildings in the same pool only through March 2010. Because the site is close to light rail, the site could be expanded with an additional 173,000 square feet of new office development. VeriSign acquired the property from Cupertino's Sobrato Development Cos. in the second half of 2001 for approximately $885 a square foot, the largest commercial real estate transaction in the preceding year. The sale brought Sobrato more than twice as much per square foot as the next-largest sale in that time frame, according to Business Journal research. VeriSign is in the security-services business for both data and voice networks.Posted byPatrick R. Mickeyat8:20 PM0commentsLinks to this post

Saturday, January 12, 2008

Swedish Gov't Signs Build to Suit for $102 Million Detention Facility Near StockholmSkanska Web Site - January 9, 2008Skanska will be responsible for a total solution, including planning, construction, operation and maintenance of the new detention facility in Sollentuna, north of Stockholm. The construction project is valued at an estimated SEK 650 M and is being included in order bookings for the first quarter. A 25-year lease has been signed with Kriminalvården (Swedish Prison and Probation Service) for the new detention facility. The 23,600-square-meter facility will house 10 floors with 240 detention cells and an administration section.Construction will be carried out by Skanska Sweden and begins in January 2008, with completion scheduled for spring 2010. The new detention facility will be located adjacent to the existing police station and the new Attunda courthouse, which is currently under construction by Skanska in a similar type of project.In similar projects, Skanska has developed, built and been responsible for leasing of premises in Sweden to the police, the public prosecutor office and correctional authorities in Uppsala, Växjö, Flemingsberg and Malmö.Posted byPatrick R. Mickeyat4:46 PM0commentsLinks to this postPonto Frio Completes $62 Million Sale Leaseback of Four Distribution Centers in BrazilGazeta Mercantil - January 9, 2008Bracor real estate investment company bought four distribution centers (CDs) of Globex Utilidades - which controls the retail chain Ponto Frio - for R$109 million. The operation was carried out through the sale-leaseback system, in which the owner sells the real estate and rents it by means of long-term contracts. In this case, the rent contract closed between Bracor and Globex has an initial term of 180 months or 15 years, renewable for the same period. The CDs purchased by Bracor are located in Guarulhos (São Paulo), Irajá (Rio de Janeiro), Brasília (Federal District) and Goiânia (Goiás).'It is a trend that has been growing every year in Brazil,' observed Ricardo Betancourt, director of Colliers International no Brasil, a Canadian consulting company specialized in administering real estate properties. He noted the maturing among companies of the concept of focusing investments on primary activities and not immobilizing capital. 'In the United States and Europe, only 20% of companies own their own buildings. Here approximately 80% of them do,' he said. Another indicator of the expanding practice is the length of the contract, 180 months, renewable for equal and successive periods. 'That's equivalent to 15 years. Until recently, contracts were not closed for periods of more than ten years,' said Betancourt. The stability of the economy has contributed positively to this trend.Posted byPatrick R. Mickeyat4:40 PM0commentsLinks to this postBVIC Group Signs EUR 80 Million Sale Leaseback of New Building in AthensBVIC Group Web Site - January 9, 2008BVIC Group is pleased to announce that a sale and leaseback agreement for €80 million was signed with Emporiki Leasing and ATE Leasing. The 20 year sale and leaseback agreement covers all of the lettable area, and common area, as well as the parking spaces of the development under construction at 340 Syggrou Avenue. Specifically, it covers 4,587sqm of office space, 9,185sqm of retail space and 2,133 sqm of storage space, as well as 400 parking spaces. The Group has already signed a lease agreement with Media Markt for 81% of the retail space and 86% of the storage space. The total annual rental revenue for the space that has already been leased is € 2,340,000 for the first year leased. The remaining retail space is under negotiation and is expected to be let before the development is completed in July 2008. The completion of 340 Syggrou Avenue is expected to contribute circa €1.6 per share to our NAV, to be booked in Q3 2008. This sale and leaseback agreement reaffirms BVIC’s strong ability to raise financing, as well as the confidence placed by major financial institutions in the quality of the Group’s projects, and the secure leasing agreements it obtains with blue chip tenants.Posted byPatrick R. Mickeyat4:06 PM0commentsLinks to this postHome Depot Enters $41 Million Sale Leaseback of Distribution Center in VirginiaThe Winchester Star - January 12, 2008The Home Depot Distribution Center at Eastgate Commerce Center has been sold to a private equity firm as part of 10-year lease-back agreement that will keep the massive warehouse operating in Frederick County for at least another decade.Equity Industrial Winchester LLC and Equity Industrial Winchester LP, both based in Needham, Mass., bought the 842,000-square-foot warehousing facility for $41 million, according to Frederick County’s electronic property records.Home Depot USA bought the 60-acre property at Eastgate Commerce Center, on U.S. 522 South and Tasker Road, in 2003 because of its proximity to the Virginia Inland Port in Warren County.The port provides a central location to transfer goods to and from the Virginia Port Authority’s marine terminals in the Hampton Roads region to warehouses in Winchester, Front Royal, and beyond.Anne Manning, senior manager of field communications for The Home Depot’s southern division, confirmed that the company entered into the lease-back agreement.The building has 40-foot ceilings and about 350 truck bays. When it opened in January 2004, it featured a fitness room, training classrooms, showers, lockers, and a recreation with table games such as ping-ping and air hockey.Posted byPatrick R. Mickeyat3:51 PM0commentsLinks to this postGambro AB Agrees to $62 Million Sale Leaseback of Properties in GermanyTrading Markets / Nordic Business Report - January 9, 2008Swedish property company AB Sagax said on Wednesday (9 January) that it has signed a SEK395m property sales and lease-back agreement with the Swedish medical technology group Gambro AB. The agreement, based on an option agreement initially announced in December 2007, covers Gambro's properties in Hechingen, Germany. Sagax, headquartered in Stockholm, Sweden, acquires, develops and manages mainly warehouse and industrial properties. The company's property portfolio comprises 98 properties of a total of 742,000 square metres. Sagax is listed on the OMX Nordic Exchange in Stockholm.Posted byPatrick R. Mickeyat3:46 PM0commentsLinks to this post

Friday, January 11, 2008

California Pacific Medical Center Signs 10 Year Lease For San Francisco Office BuildingThe Swig Company Web Site - January 9, 2008A 171,000-sf office building here being vacated by Wells Fargo at the end of the month has been scooped up by the city’s largest hospital, California Pacific Medical Center, which signed a 10- year lease for the entire building. Built in the mid-1960s at 633 Folsom St. and renovated twice in the 1990s, the seven-story structure is owned by Swig Co., a locally based real estate company.CPMC says it will begin moving some of its administrative operations into the building early this year. While the negotiated lease rate was not disclosed local industry sources tell GlobeSt.com that CPMC likely received a break from the asking lease rate of $45 per sf per year because it will occupy the space largely as is, saving the building owner the cost of tenant improvements, which are typically built into the asking rate. At $40 per sf, the value of the lease would be approximately $68 million.The lease is related to CPMC’s effort to comply with state seismic requirements by 2013. A CPMC source tells GlobeSt.com that the lease will allow the hospital to consolidate a good portion of its administrative operations in a single building while also freeing up other locations for redevelopment.Posted byPatrick R. Mickeyat10:38 PM0commentsLinks to this postOgilvy New York Signs Long Term Lease for 554,800 SF HQ Building in ManhattanOgilvy Web Site - January 9, 2008Ogilvy New York will move its entire New York agency and New York-based operating units to 636 Eleventh Avenue in 2009. Ogilvy will occupy all of the 11-story, 554,800 sq. ft building that encompasses the entire eastern block on 11th Avenue between West 46th and West 47th Streets in a long term lease signed with owner, The Hakimian Organization and its partners Peykar Brothers Realty & Gorjian Properties. The building will carry the "Ogilvy" name and offers unobstructed 360 degree window views of the Hudson River and Midtown Manhattan. Ogilvy has hired award winning architect, Gensler, to reconfigure and design the space according to the agency's specifications. The building will house all of Ogilvy's New York based companies and employees in one building, including Ogilvy & Mather Advertising, OgilvyOne, OgilvyInteractive, Neo@Ogilvy, OgilvyPR, OgilvyAction, the Brand Integration Group, RedWorks and Ogilvy Healthworld.Ogilvy expects to move to the new space in the spring of 2009. The location is close to a long-proposed extension of the number seven New York Subway Line and several new developments including a luxury hotel by Kimpton.The building at 636 Eleventh Avenue was built in 1913 and originally housed the Auerbach Chocolate factory. Ogilvy is calling its new space the "Candy Factory." It has high ceilings on the first floor, a courtyard and a roof-top terrace that Ogilvy plans to design as a garden space.The agency will work with Gensler and other partners to bring the best energy efficient attributes to the space. "Sustainability is a key priority for Ogilvy," said Gunther Schumacher, Ogilvy's Chief Business Operations Officer. "We are working very closely with The Hakimian Organization to make the 'Candy Factory' a green building and get it LEED certified."Posted byPatrick R. Mickeyat10:00 PM0commentsLinks to this post

Tuesday, January 08, 2008

Future Electronics Signs 10 Year Lease For New UK HQProperty Week - January 8, 2007Future Electronics, a global electronic company, has agreed terms to move its European headquarters to one of Staines’ most prominent office buildings. The company has taken the entire 68,000 sq ft Aura building, owned by GE in partnership with Steve Morgan and Trevor Silver’s Landid. Future Electronics will pay £29/sq ft on a 10-year lease for the refurbished building following a two year search. The deal completed just before Christmas. It is vacating its Colnbrook HQ. CB Richard Ellis acted for the landlord and Colliers CRE acted for Future Electronics.Posted byPatrick R. Mickeyat11:17 AM0commentsLinks to this post

Monday, January 07, 2008

GE Energy Signs Long Term Lease for New HQ in StamfordThe Advocate - January 5, 2008GE Energy Financial Services plans to move into the 275,000-square-foot former Xerox Corp. headquarters at 800 Long Ridge Road in Stamford about a year from now, the building's owner said yesterday.Norwalk-based Building & Land Technology said GE Energy Financial Services will begin its 15-year lease in January 2009, when renovations are scheduled to be completed.GE Energy Financial Services, the growing energy investment arm of Fairfield-based General Electric Co., will remain at 120 Long Ridge Road in Stamford for another year, Building & Land said.The landlord and developer also owns the 300,000-square-foot office complex on 60 acres at 120 Long Ridge Road that formerly housed GE Commercial Finance, the parent unit of Energy Financial Services.In October, Xerox relocated its headquarters and 330 employees from Stamford to a Building & Land-owned office structure at 45 Glover Ave. in Norwalk. Xerox, the world's largest copier company, had been in Stamford for 38 years. The company moved to Norwalk because it no longer needed a building of the size it had in Stamford, where it used to employ about 600 people.An affiliate company of Building & Land Technology bought the Xerox property a year ago for $54.8 million.Posted byPatrick R. Mickeyat5:16 PM0commentsLinks to this postNokia Siemens Networks Closes Sale Leaseback of Office Complex in FinlandAberdeen Property Investors - January 4, 2008Aberdeen Real Estate Fund Finland L.P. has acquired the Hatanpään valtatie 30 property in Tampere, Finland. The property was built in three phases between 1998 and 2000 with a total area of approximately 50,000 square metres. The transaction is structured as a sale and lease-back transaction involving the Fund, Nokia Siemens Networks and Nordea Finance Finland Ltd. Nokia Siemens Networks will continue to use the space as tenant.Posted byPatrick R. Mickeyat10:03 AM0commentsLinks to this post

Friday, January 04, 2008

AT&T Completes $275 Million Sale Leaseback of Chicago Office TowerCrains Chicago Business News - January 2, 2007A New Jersey real estate firm has purchased the 31-story West Loop office of AT&T Inc. for $275 million in a sale-leaseback deal. Kushner Cos. closed on the purchase Friday of 225 W. Randolph St. from the San Antonio-based telecom giant, according to a source familiar with the matter. AT&T signed a 15-year lease for all the office space in the building, which is roughly 900,000 square feet.The purchase marks the first in Chicago for Florham Park, N.J.-based Kushner, which was primarily a residential developer in the Northeast but is now buying office properties in major metropolitan markets nationwide after selling its residential business last year. The company financed the deal with $40 million in equity and a short-term temporary loan that it plans to replace with permanent financing possibly as soon as this week. A Kushner executive declines to comment, and a spokesman for AT&T didn’t respond to an e-mail seeking comment. AT&T hired the Chicago office of CB Richard Ellis Inc. to market the building in the summer. AT&T or a predecessor had owned the building since it was built in 1966.Posted byPatrick R. Mickeyat10:12 AM0commentsLinks to this postOlder PostsSubscribe to:Posts (Atom)

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▼ 2008(15)▼ March(1)UK Courts in £145 Million Build-to-Suit for Justic... ► January(14)VeriSign Seeking Sale Leaseback of Silicon Valley ...Swedish Gov't Signs Build to Suit for $102 Million...Ponto Frio Completes $62 Million Sale Leaseback of...BVIC Group Signs EUR 80 Million Sale Leaseback of ...Home Depot Enters $41 Million Sale Leaseback of Di...Gambro AB Agrees to $62 Million Sale Leaseback of ...California Pacific Medical Center Signs 10 Year Le...Ogilvy New York Signs Long Term Lease for 554,800 ...Future Electronics Signs 10 Year Lease For New UK ...GE Energy Signs Long Term Lease for New HQ in Stam...Nokia Siemens Networks Closes Sale Leaseback of Of...AT&T Completes $275 Million Sale Leaseback of Chic...Banco Popular Completes $26 Million Sale leaseback...Goodyear Agrees to 20 Year Lease on New Build-to-S... ► 2007(258) ► December(24)Flextronics Completes Sale Leaseback of 500,000 SF...SEB Group Completes EUR 185 Million Sale Leaseback...Amazon.com Enters 1.6 Million SF Build-to-Suit for...Metro Completes EUR 243 Million Sale leaseback of ...Nippon Oil Agrees to $370 Million Sale Leaseback o...Alimentation Couche-Tard Completes $131.4 Million ...Foster's Completes $41 Million Sale Leaseback of P...Mannesmann Plastics Machinery GmbH Completes €113 ...Accor Agrees to €518 Million Sale Leaseback of 57 ...Daimler Agrees to Sale Leaseback of Office Space a...Station Casinos Completes $70.3 Million Sale Lease...Orior Completes EUR 61 Million Sale Leaseback of S...Miro Radici Completes €55.5m Million Sale Leasebac...CVS Caremark Nearing $600 Million Sale leaseback o...DnB NOR Bank ASA Agrees to $650 Million Sale lease...CNL Income Properties Agrees to $301 Million Sale ...Santander Receives Bid of EUR 1.7 Billion for HQ i...Billia Planning $85.5 Million Sale Leasback of Two...Citigroup Agrees to $1.575 Billion Sale Leaseback ...CIMB Mulling Sale Leaseback of Retail Bank Branch ...Hafslund Enters $125.7 Million Sale Leaseback of 3...CIMB Group Agrees to $137 Million Sale Leaseback o...Arcandor Nearing $1.18 Billion Sale Leaseback of o...Clearstream Agrees to €350 Million Sale Leaseback ... ► November(25)AIB Agrees to EUR 30 Million Sale Leaseback of Ban...Santander Agrees to EUR 2.04 Billion Sale Leasebac...Kia Motors Considering $268.7 Million Sale Leaseba...Sainsbury Completes $78.5 Million Sale Leaseback o...Royal Bank of Scotland Awards $1.7 Billion Sale Le...Microsoft Signs Long Term Lease for $500 Million D...Sodexho's New HQ in Paris Sold for €100 MillionHarleysville National Bank Agrees to $38.8 Million...Whirlpool Signs 10 Year Lease for 1.7 Million SF D...Netcare Mulling $5.9 Billion Sale Leaseback of UK ...The Great Escape Completes $89.5 Million Sale Leas... ► October(24) ► September(18) ► August(14) ► July(34) ► June(15) ► May(8) ► April(16) ► March(41) ► February(15) ► January(24) ► 2006(314) ► December(35) ► November(34) ► October(17) ► September(20) ► August(21) ► July(32) ► June(23) ► May(15) ► April(18) ► March(38) ► February(28) ► January(33) ► 2005(95) ► December(37) ► November(37) ► October(21) ► 2004(90) ► May(14) ► April(15) ► March(21) ► February(16) ► January(24) ► 2003(108) ► December(30) ► October(23) ► September(48) ► August(7) _WidgetManager._Init('http://www.blogger.com/rearrange?blogID=5713288', 'http://netleasenews.blogspot.com/','5713288');_WidgetManager._SetPageActionUrl('http://www.blogger.com/display?blogID=5713288', 'zuEs-ZWyf9ZqeBecvMGWObh76h4:1223793251819');_WidgetManager._SetDataContext([{'name': 'blog', 'data': {'title': 'Net Lease News', 'pageType': 'index', 'url': 'http://netleasenews.blogspot.com/', 'homepageUrl': 'http://netleasenews.blogspot.com/', 'pageName': '', 'pageTitle': 'Net Lease News', 'encoding': 'UTF-8', 'isPrivate': false, 'languageDirection': 'ltr', 'feedLinks': '\74link rel\75\42alternate\42 type\75\42application/atom+xml\42 title\75\42Net Lease News - Atom\42 href\75\42http://netleasenews.blogspot.com/feeds/posts/default\42 /\76\n\74link 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News

on

sale

leaseback

transactions,

lease

financings,

and

the

sale

of

single

tenant

net

leased

investments.

Weblog

editor:

Patrick

R.

Mickey.

http://netleasenews.blogspot.com/

Net Lease News 2008 October

dvd rental

dvd


News on sale leaseback transactions, lease financings, and the sale of single tenant net leased investments. Weblog editor: Patrick R. Mickey.

Rules




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2008-10-11 23:34:12

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