CapLease Completes $18.1M Purchase of Class A Office Building
CapLease, Inc. (NYSE: LSE) announced today that it closed in December 2012, the previously announced acquisition of an $18.1 million office building, located in San Antonio, Texas. Inclusive of this purchase, the Company's 2012 acquisition volume exceeds $185 million.
The approximately 96,000 square foot Class A office building is leased to two single A rated large corporate tenants. Approximately 71% of the square footage in the building is leased through May 2021 to Becton, Dickinson and Company (S&P/Moody's: A/A3). The remaining square footage in the building is leased through October 2022 to United Healthcare Services, Inc., a subsidiary of UnitedHealth Group Incorporated (S&P/Moody's: A/A3). CapLease's average capitalization rate for the property is approximately 9.0%.
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