The all-cash deal is being reported at $238 million. TheFrankfurt, Germany-based fund acquired the 18.7-acre campus at 300RadioShack Dr. inDecember 2005, with RadioShack in place with a 20-yearlease.
"Our lease agreement with TCC will enable us to greatly reduceour on-going occupancy costs while allowing us to remain in ourcurrent headquarters," Julian Day, RadioShack's chairman and CEO,says in today's press release. "We're pleased the 500,000 squarefeet of space we were either not using or underutilizing will helpa leading Tarrant County educational institution create a positivenew dimension for the downtown business community."
One newswire service has reported that the buyer plans toundertake an $80-million renovation this year. The first classeswill be held in September 2009.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
