Lexington REIT Acquires Baker Hughes Portfolio for $119.3 Million

PR Newswire - March 25, 2004

Lexington Corporate Properties Trust (NYSE: LXP), a real estate investment trust, today announced that it has acquired four properties in the Houston, Texas area from Dana Commercial Credit Corp for $119.3 million. The properties are net leased to Baker Hughes, Inc. (NYSE: BHI) and are occupied by various subsidiaries of Baker Hughes, Inc. under leases that each have approximately 11.5 years remaining.

The portfolio has a combined total of 1,061,471 square feet of net rentable area consisting of office, research and development and manufacturing space and includes the WesternGeophisical World Headquarters building (Houston, TX), the Hughes Christensen World Headquarters building, the Baker Petrolite World Headquarters building, and the Baker Hughes Worldwide Training/Worldwide Data Facility.

The average annual lease payments during the lease terms are $13.2 million, or 11.1% of the purchase price. The acquired properties are encumbered by non-recourse first mortgages with a current balance of approximately $110.7 million. The mortgage debt bears interest at a fixed rate of 8.04% and matures in September, 2015. Sphere: Related Content