TULSA, OK—CBRE Capital Markets' Investment Properties has completed the sale of a complex that includes 180,000-square-foot warehouse space and 220,000-square-foot office space at the Hilti North America Operations Center.
Educational Development Corporation (EDC), an educational children's book publishing company based in Tulsa, purchased the warehouse and office space from Hilti for an undisclosed price.
Hilti will lease back 180,000 square feet of the office space to house its North America Operations Center that includes customer service, accounting, training and other functions that continue to be located in Tulsa after the company's headquarters relocation to Plano, Texas in June 2015. Located at 5404 S. 122 East Ave., the remaining 221,000-square-feet property will house EDC's new headquarters, including a 180,000-square-foot warehouse operation.
"We found an ideal buyer with EDC," said Cary Evert, president and CEO, Hilti North America. "We receive a long term lease back of the space our team members occupy today, providing stability for our Operations Center and continuity for our team members, some of which have called this office their work home since 1979. And, we are pleased to help EDC find a new corporate headquarters in Tulsa. Hilti looks forward to being a good neighbor for many years with one of Tulsa's fastest growing companies."
Adam Rumsey with CBRE's Oklahoma City Office, along with Bob Pielsticker, Angela West and Matt Reese, from CBRE represented the seller.
"We fielded a lot of interest from prospective buyers for the Hilti campus nationally, but ultimately found a great fit in EDC," said Rumsey. "EDC needed a new headquarters location and we found a great solution that benefits two well-respected, growing companies in the City of Tulsa."
Randall White, chairman, president and CEO of EDC knew right away the property would be a great fit for his growing team and the future needs of the company.
"EDC had literally outgrown our existing space. The Hilti property is a great fit for our office and warehouse operations and will provide room for our continued growth. Over the last few months, our sales increased so rapidly that we borrowed some space from Hilti even before we closed the transaction," said White.
Educational Development Corporation sells children's books, including Usborne Books and the Kane Miller line of international children's titles through a sales organization of independent consultants, through 5,000 retail stores and over the Internet. More than 1,600 different titles are available for children of all ages, with periodic new additions. The headquarters employs approximately 250 people.
Hilti is a world-leading manufacturer and supplier of quality, innovative and specialized tools and fastening systems for the professional user.
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