Dallas (TX) Business Journal - 10-04-2005
A consortium of investors led by Koll Development Co. has bought several buildings, including three office buildings in Plano's Legacy Business Park, from Electronic Data Systems Corp. for $217 million. Plano-based EDS (NYSE: EDS) will lease back some of the buildings for various terms.
Dallas-based Koll, a commercial real estate firm, divided the properties, which span seven states and four European countries, into three pools -- two domestic and one international. The first pool was bought by Koll and Invesco Real Estate, which will jointly own and manage 1.45 million square feet of office buildings, including the Legacy Campus in Plano and others in Denver and Dayton, Ohio.
Northstar Realty Finance Corp. (NYSE: NRF), a real estate investment trust, bought a collection of buildings occupied by EDS on long-term leases. The international component was bought by Citigroup Property Investors of Europe and includes warehouses and office buildings in France, Germany, Italy and the United Kingdom. EDS' headquarters, data centers and undeveloped land in the Legacy Business Park were not sold.
EDS in June said it had plans to sell 20 company-owned properties and lease back a portion of them in a move that would generate about $200 million in cash in 2005 and $200 million in cost savings over the next three years. The sale is part of the technology company's strategy to reduce real estate costs and consolidate facilities.
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