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FOSTER CITY, CA-EFI, a locally based and publicly held company, is looking to monetize its corporate campus. The maker of printers, print servers, inks and related software says it has retained Jones Lang LaSalle to “explore opportunities” for the property.

EFI owns 35 acres of bay front real estate in Foster City. The acreage holds approximately 500,000 sf of buildings and includes several undeveloped parcels, according to EFI, which provided no additional detail and did not respond to a request for additional comment. JLL also could not be reached Thursday for comment.

EFI’s headquarters campus is located along East Third Avenue between lakeside and Marsh Drives, across from the Links at Mariners’ Point. EFI received approvals from the Pleasanton City Council in 1997 and 2000 for one million sf of offices, R&D and light warehousing. The company reportedly completed two buildings, a 10-story 300,000-sf office building and a 163,000-sf office building.

At least some of the property is currently tied up in synthetic lease arrangements. A recent filing with the SEC states that the company is party to two synthetic leases covering its corporate office buildings at 301 and 303 Velocity Way. Both Leases expire in July 2014.

The company may, at its option, purchase the facilities during or at the end of the term of the leases for the amount expended by the lessor to purchase the facilities–$56.9 million for the 303 Lease and $31.7 million for the 301 Lease. EFI states that it has guaranteed to the lessor a residual value associated with the buildings equal to 82% of their funding of the respective Leases.

In conjunction with the Leases, EFI leased the land on which the buildings are located to the lessor of the building. These separate ground leases are for approximately 30 years. EFI is treated as the owner of these buildings for federal income tax purposes, according to the filing.

In January, EFI chief executive Guy Gecht stated that the company is “implementing significant steps to align our spending with … lower revenue and will take a restructuring charge in Q1 to reflect our reduced cost structure,” and that it “will take some time…to regain our traditional levels of profitability and growth.”

In April, the company reported a first quarter (GAAP) net loss of $5.4 million, compared to $2.1 million in the same 2007 period, on revenue of $136.6 million, down from $147.8 million in the same year-earlier period.

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