LINCOLN – A.T. Cross Co. (AMEX: ATX) this morning announced it has completed the sale and lease-back of its global headquarters and manufacturing facility in Lincoln.
The property was purchased by Albion Crossing LLC, a partnership of institutional developer Gray’s Point Investments LLC and commercial real estate development fund Perseus Realty Partners of Washington, D.C. for $15.7 million, the company said. A.T. Cross was represented in the transaction by CB Richard Ellis/New England.
The manufacturer then agreed to lease back 154,000 square feet of administrative, distribution and factory space at the site through 2017; it said the remaining space is to be converted into Class A office space by Albion Crossing.
“This transaction has several important implications,” said David G. Whalen, the manufacturer’s president and CEO. “First, it is a transaction that monetizes a significant but non-strategic asset in a financing move that further strengthens our already strong balance sheet. Second, it was an important final step associated with the transition of most of our manufacturing overseas. Lastly, by entering into an agreement for at least the next 10 years for approximately 154,000 square feet at our existing location, it signals our intention to remain an important part of the Rhode Island business landscape.”
A.T. Cross Co., based in Lincoln, is a designer and maker of branded personal and business accessories including writing instruments, leather goods, time pieces and Costa Del Mar sunglasses. Additional information is available at www.cross.com.
