CoStar Group - February 26, 2007
Following a trend of pricey sale-leasebacks among corporate real estate owners, Health Net Inc. is selling its 68-acre Northeastern headquarters campus to The Dacourt Group in a $90 million deal.
The Woodland Hills, CA-based healthcare coverage provider signed a 10-year leaseback for its three-building, 327,000-square-foot office complex, located at 1 Far Mill Crossing in Shelton, CT. The deal is expected to close by the end of the first quarter.
"Freeing up this capital provides us with even greater financial flexibility going forward," said Jay Gellert, president and CEO of Health Net.
A slew of corporations have recently jumped onto the sale-leaseback wagon, including Sun Microsystems, IBM, JPMorgan Chase, Volkswagen and Merrill Lynch, which is currently in negotiations to sell and leaseback its Princeton, NJ-area campus. Corporate owners are increasingly looking to cash out their real estate assets in a hot market, and reinvest capital into other core operations.
Sphere: Related Content
Thursday, March 01, 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment