T-Mobile acquired the land for the building from MHi Real Estate Development, a Redmond-based firm that is developing the Campus Within the Park project at the 60-acre Airport Business Center near the Redmond Airport. The cost of constructing the facility was $9 million, but T-Mobile officials said the total development cost was upward of $20 million.
In connection with the acquisition, Lexington has arranged non-recourse first mortgage financing of approximately $10 million. The loan is scheduled to close in March 2004 and will bear interest at a fixed rate of 5.62% and mature in 10 years.
Lexington owns and manages office, industrial and retail properties net leased to major corporations throughout the US. T-Mobile USA is a Bellevue, WA-based is a subsidiary of Deutsche Telekom AG.
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