NEW YORK – Capital Lease Funding Inc. (NYSE: LSE) yesterday announced it has completed the acquisition of 18 properties, including the Johnston headquarters of FM Global Insurance.
CapLease – as the real estate investment trust is called – paid a total of $364.4 million for the buildings, all of which are under lease. Prices paid for the individual properties were not disclosed.
FM Global’s lease runs through July 2009, CapLease said. The building has 346,000 square feet of office space.
Constructed by the former Allendale Mutual Insurance Co. in the 1970s, it has served as FM Global’s headquarters since the commercial and industrial property insurance company was created in 1999 by the merger of the Allendale, Arkwright and Protection mutual insurance companies.
“This portfolio will provide a variety of benefits to our company both in the near term and for years to come,” bringing CapLease’s portfolio to more than $2 billion in “high-quality real estate assets,” CEO Paul McDowell said in a statement.
The company indicated it intends to continue to lease the properties.
Additional information is available at www.caplease.com and www.fmglobal.com.
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