In a release acknowledging the action, UTI president and CEOKimberly McWaters says the agreement provides "a professional andflexible leasing solution for UTI." The business property divisionof GE Real Estate that handled the assignment is equally pleased bythe terms, relays Bill Gregory of the firm's net lease group. "Weappreciate the opportunity to collaborate with UTI on this deal andare looking to be the partner of choice for other companies thatneed to access the equity in their properties," he says. UTI hadowned the property since February 2005 when it paid just $12.4million.

While the Norwood transaction was a bit unique, sale-leasebacksare being increasingly utilized by academic institutions, observersreport, with TuftsNew England Medical Center recently striking a dealinvolving a tenant-in-common investment firm that reaped $116million. Negotiated by Grubb & Ellis of Boston, the Tuftssale-leaseback was first detailed last month by GlobeSt.com.

In the Tufts' deal, the buyer was Triple Net Properties, whichacquired the 155,000-sf Biewind Building and 98,000-sf TupperBuilding, a pair of Downtown properties used by Tufts foradministrative and research functions. Tufts, which has had a longpresence in the city, agreed to commit for 10 years.