VIZZDA—December 21st, 2012 — Lexington Realty Trust has acquired the 14-story headquarters of the State Compensation Fund of Arizona (SCF Arizona) for $52.3m in a sale-leaseback transaction. Rick Degraw was signatory for SCF Arizona in the transaction, while Lexington Realty Trust was represented by its Vice President Diane Fox and Executive Vice President Lara Johnson.
The 2.32-acre parcel on which the tower sits and the 267,330 ft2 below-grade parking facility were acquired by SCF Arizona on October 17th, 1986 with no Affidavit of Value or new debt recorded with sale. The tower itself totals 269,848 ft2 per the Maricopa County Assessor and was built-to-suit SCF Arizona in 1995. It features several dining options, a gym and a rooftop helipad; it is sometimes referred to as the Abacus Tower.
Lexington Property Trust paid cash for the property and signed a lease with SCF Arizona as landlord and tenant, respectively, commencing January 1st, 2013 and concluding December 31st, 2029 with two 5-year options to extend. The $52.3m price tag represents a $210.78 price per square foot.
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