Phillips Petroleum Sells, Leases Back 610,406-SF Alaska Headquarters

ANCHORAGE-The Staubach Company says it has completed a $104.6 million sale-leaseback for Phillips Petroleum’s Alaska headquarters, located in Anchorage. Phillips acquired the 610,406-sf building — the largest privately owned commercial office facility in the state — when the company purchased ARCO’s Alaska properties in 2000.

Staubach says it sourced the necessary funds and structured the 20-year leaseback. Staubach Financial Services president Brant Bryan says the work for its corporate client Phillips required the transaction have a certain tax treatment and be funded within 30 days.

The Staubach Company’s investment affiliate, Wolverine Equities, provided the equity for the transaction. Staubach says it coordinated the debt financing using five separate institutions.