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Digital Realty Trust Sheds Two Office Buildings

SAN FRANCISCO-The publicly held owner and operator of data centers and Internet gateways sells the two non-core assets to fund the acquisition or development of more data centers.

By Brian K. Miller | Updated on April 02, 2007

SAN FRANCISCO-Digital Realty Trust has sold an office building in Texas and another in Massachusetts as it continues to focus on its core data center product. The locally based technology REIT sold the two properties for $78.5 million, resulting in an $18.1-million gain.

The larger of the two assets sold is 4055 Valley View Ln., a 240,000-sf office building located in suburban Dallas. The other is 100 Technology Center Dr., a 197,000-sf suburban office building located in Stoughton, MA. Company CFO Bill Stein declined to reveal the individual sales prices or the name of the buyer.

According to the company’s annual report, the Dallas building as of the end of 2006 was 90.5% leased, the gross annualized rent per occupied sf was $20.74 and the property was producing a gross annualized rent of $4.51 million. The Stoughton building was 100% leased, the annualized rent per occupied sf was $19 and the property was producing a gross annualized rent of $3.74 million.

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