Comercial Real Estate News - June 8, 2006
TPG/CalSTRS LLC, a joint venture between the Thomas Properties Group and the California State Teachers' Retirement System, has agreed to terms with BMC Software Inc., to purchase the company's four-building, 1.5 million-square-foot campus, as well as 24 acres of adjacent developable land.
The property, located in Houston's Westchase District, was awarded the 2004 BOMA Office Building of the Year Award, and has served as BMC's headquarters since its construction in 1993. A leading provider of enterprise management software solutions, BMC will remain headquartered at the facility under the terms of a 15-year lease for 621,000 square feet (42 percent of the overall campus space) signed as part of the deal.
Two thirds of the $295 million purchase price will be funded by first mortgage financing proceeds, with the other third provided by equity, of which Thomas will fund $24.2 million and CalSTRS $72.4 million.
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