Search
 

SirsiDynix Sells HQ, Leases Back Half

PROVO, UT-The locally based maker of library automation software sells its 118,000-sf corporate offices for $11 million.

By Brian K. Miller | Updated on November 13, 2006

PROVO, UT-SirsiDynix Corp. recently sold its 118,000-sf corporate offices here for $11 million in an off-market transaction. As part of the deal, the maker of library automation software has leased back approximately 58,500 sf for an initial term of five years.

Provo is located about 45 miles south of Salt Lake City. The building, located at 400 West Dynix Dr., is a four-level class A office building with one basement level of office and underground parking completed in 1992. The new owner is BH Properties LLC, a Los Angeles-based real estate investment firm specializing in value-add opportunities.

Steve Jaffe, BH Properties’ executive vice president and general counsel, tells GlobeSt.com that SirsiDynix’s leaseback is for the basement, first and second levels and includes a three-year extension option. The value-add opportunity for BH is leasing the remainder of the building, which amounts to about 59,500 sf. The asking triple-net lease rate is $14 per sf per year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.