Williams Gets $276 Million in Leaseback
Leasing back property provides several tax incentives (detailed
in another article). In this case, Williams Communications gets cash and a fifteen
story, 750,000 square foot building.
by ISP-Planet Staff
[September 17, 2001] |
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Williams Communications
(NYSE: WCG)
sold its Tulsa headquarters to its former parent company The Williams Companies
(NYSE: WMB)
and leased back the building.
The transaction gives Williams Communications $276 million in cash.
The building, One Technology Center, is the first high-rise building constructed
in downtown Tulsa since the 1980's, and represents Tulsa's transformation to
a high-technology community. Its 15-story, 750,000 square foot vertical campus
design, featuring ergonomic workspaces, Internet cafes and state-of-the-art
connectivity, fosters a collaborative and productive environment.
Most of the company's Tulsa-based employees will move into the building by
the end of 2001.
—End
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