<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
----------------
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 12, 1996
TRINET CORPORATE REALTY TRUST, INC.
(Exact name of Registrant as specified in its Charter)
Maryland
(State of Incorporation)
1-11918 94-3175659
(Commission File Number) (IRS Employer Id. Number)
Four Embarcadero Center, Suite 3150
San Francisco, CA 94111
(Address of principal executive offices) (Zip Code)
(415) 391-4300
(Registrant's telephone number, including area code)
<PAGE> 2
Item 5. Other Events
PROPERTY ACQUISITIONS. From September 12, 1996 through December 12, 1996, TriNet
Corporate Realty Trust, Inc., (the "Company") acquired four additional
properties (the "Acquired Properties") for an aggregate purchase price of
approximately $58.5 million, plus aggregate acquisition costs of approximately
$1.0 million. As of December 12, 1996, the Company's portfolio consisted of 76
properties. The properties acquired from September 12, 1996 through December 12,
1996 are described below. Substantially all of the purchase price for each
property was funded by drawing on the Company's $200 million unsecured revolving
credit facility (the "1995 Acquisition Facility") with a group of 11 banks for
which Morgan Guaranty Trust Company of New York is the lead agent and The First
National Bank of Boston is the managing co-agent, with any remainder being
funded from working capital. Neither the Company, any subsidiary of the Company,
nor any director or officer of the Company was affiliated with or had a material
relationship with the seller of any property described below.
NORTHERN TELECOM, INC. On September 12, 1996, TriNet Corporate Partners
II, L. P. ("TCPII"), a wholly owned subsidiary of the Company,
purchased a 60,000 square foot office facility occupied by Northern
Telecom, Inc. located in Richardson, Texas (the "Northern Telecom
Property") from American States Insurance Company for a purchase price
of approximately $6.7 million. TCPII acquired a fee title interest in
this property. Northern Telecom, Inc. will continue to use the property
under a triple net lease that expires on January 31, 2003. The current
annual rent for this building is $690,332 with a contractual escalation
of 10.99% in 2000.
OLYMPUS AMERICA, INC. On September 26, 1996, TriNet Essential
Facilities X, Inc. ("TriNet X"), a wholly owned subsidiary of the
Company, purchased a 270,000 square foot office facility occupied by
Olympus America, Inc. located in Melville, Long Island, New York (the
"Olympus Property") from The Mutual Life Insurance Company of New York,
a New York Corporation, for a purchase price of approximately $30.0
million. TriNet X acquired a fee title interest in this property.
Olympus America, Inc. will continue to use the property under a triple
net lease that expires on August 26, 2006, subject to extension for an
additional four year term at the tenant's option. The current annual
rent on the property is $2,929,209 with contractual escalations of
1.73% in 1997, 16.34% in 2001 and 1.89% in 2003.
ADIDAS AMERICA, INC. On October 30, 1996, TriNet Essential Facilities
XXI, Inc. ("TriNet XXI"), a wholly owned subsidiary of the Company,
purchased a 563,210 square foot distribution facility occupied by
adidas America, Inc. located in Spartanburg, South Carolina (the
"adidas Property") from Landgard USA I, LTD., a Florida limited
partnership, for a purchase price of approximately $18.3 million.
TriNet XXI acquired a fee title interest in this property. adidas
America, Inc. will continue to use the property under a triple net
lease that expires on December 31, 2003, subject to extension for two
additional ten year terms at the tenant's option. The current annual
rent on the property is $1,856,445 with a contractual escalation of
5.99% in 1998.
FRONTIER CORPORATION. On December 10, 1996, TriNet X purchased a 55,310
square foot office facility occupied by ConferTech International, Inc.
("ConferTech"), a wholly
<PAGE> 3
owned subsidiary of Frontier Corporation, located in Westminster,
Colorado (the "Frontier Property") from Frontier Corporation for a
purchase price of approximately $3.5 million. TriNet X acquired a fee
title interest in this property. Concurrently, TriNet X entered into an
agreement to purchase a second office building from a developer for
approximately $8.1 million, which is being constructed as a
build-to-suit for Frontier Corporation. This second property, which is
directly adjacent to the Frontier Property, will also be an office
building and will comprise approximately 62,000 square feet when it is
completed in mid-1997. ConferTech will continue to use the Frontier
Property under a 12 year triple net lease that expires in the year
2009. The current annual rent on the Frontier Property is $345,106 with
contractual escalations of 6.12% occurring at the end of every third
year of the 12 year lease term.
PROPERTY DISPOSITIONS. From September 12, 1996 through December 12, 1996, the
Company disposed of 35 properties (the "Disposition Properties") in exchange for
approximately $55.1 million as described below.
REX STORES CORPORATION. On November 26, 1996, TriNet Essential
Facilities III, Inc. ("TriNet III"), a wholly owned subsidiary of the
Company, sold 34 retail stores net leased to REX Stores Corporation
(the "REX Properties") for $25.1 million in cash to Realty Income
Corporation. The REX Properties are located in 11 states across the
eastern half of the United States. As of November 26, 1996, the annual
straight-line rent on the REX Properties was $2,701,652. TriNet III
will recognize a gain of approximately $6 million on this transaction.
Neither the Company, any subsidiary of the Company, nor any director or
officer of the Company was affiliated with or had a material
relationship with the buyer of the REX Properties.
MACFRUGAL'S BARGAINS CLOSEOUTS INC. On December 12, 1996, TriNet
Essential Facilities XII, Inc. ("TriNet XII"), received a $30.0 million
cash settlement from MacFrugal's Bargains Closeouts Inc. as
compensation for the destruction of its New Orleans
warehouse/distribution property (the "MacFrugal's Property") which was
destroyed by fire on March 21, 1996. The proceeds from the disposal of
the MacFrugal's Property are comprised of approximately $26.2 million
of casualty proceeds, $3.5 million as a lease termination fee and
approximately $0.3 million as a settlement structuring fee. As of
December 12, 1996, the annual straight-line rent was $2,428,380. TriNet
XII will recognize a gain of approximately $3 million on this
transaction.
Item 7. Financial Statements and Exhibits
Pro Forma Financial Statements
The pro forma financial statements of the Company reflecting
the above transactions are included on pages F-2 to F-6.
<PAGE> 4
Historical Financial Statements
The Historical Summary of Gross Income for the Northern
Telecom Property is not included because this property was not
occupied by Northern Telecom, Inc. until February 1996. Prior
to February 1996, the property was occupied by the seller. The
Historical Summary of Gross Income for the Olympus Property is
included on pages F-7 to F-9. The Historical Summary of Gross
Income for the adidas Property is included on pages F-10 to
F-12. The Frontier Property was a sale-leaseback and therefore
no historical financial information is available for this
property.
Exhibits
23.1 Consent of Independent Accountants
<PAGE> 5
TRINET CORPORATE REALTY TRUST, INC.
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
Pro Forma Financial Statements:
Unaudited pro forma consolidated balance sheet F-2
as of September 30, 1996
Unaudited pro forma consolidated statement of operations F-3
for the nine months ended September 30, 1996
Unaudited pro forma consolidated statement of operations F-4
for the year ended December 31, 1995
Notes to the pro forma consolidated financial statements F-5
Historical Summary of Gross Income for the Olympus America, Inc. Property:
Report of independent accountants F-7
Historical summary of gross income for the seven months
ended December 31, 1995 F-8
Note to historical summary of gross income F-9
Historical Summary of Gross Income for the adidas America, Inc. Property:
Report of independent accountants F-10
Historical summary of gross income for the year
ended December 31, 1995 F-11
Note to historical summary of gross income F-12
</TABLE>
<PAGE> 6
TRINET CORPORATE REALTY TRUST, INC.
PRO FORMA CONSOLIDATED BALANCE SHEET
SEPTEMBER 30, 1996
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
September 30, 1996
-----------------------------------------------------------
Adjustments
------------------------------------
Acquired Dispositon
Historical Properties Properties Total Pro Forma
---------- ---------- ---------- ----------- ---------
ASSETS
<S> <C> <C> <C> <C> <C>
Real estate, at cost:
Land $ 108,059 $ 2,220 A $ -- $ 2,220 $ 110,279
Depreciable property 517,872 19,816 A -- 19,816 537,688
Real estate held for sale 17,231 -- (17,231)C (17,231) --
Other real estate 22,239 -- (22,239)C (22,239) --
--------- ------- -------- -------- ---------
665,401 22,036 (39,470) (17,434) 647,967
Less accumulated depreciation (32,874) -- -- -- (32,874)
--------- ------- -------- -------- ---------
632,527 22,036 (39,470) (17,434) 615,093
Investment in joint venture 6,788 -- -- -- 6,788
--------- ------- -------- -------- ---------
Total real estate 639,315 22,036 (39,470) (17,434) 621,881
Cash and cash equivalents 5,141 (3,886)A 53 C (3,833) 1,308
Restricted cash and investments 3,703 -- -- -- 3,703
Deferred rent receivable 15,051 -- (1,017)C (1,017) 14,034
Interest rate protection agreements and loan costs, net 14,987 -- (627)C (627) 14,360
Other assets, net 2,270 (3)A (246)C (249) 2,021
--------- ------- -------- -------- ---------
$ 680,467 $18,147 $(41,307) $ (23,160) $ 657,307
========= ======= ======== ========= =========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Liabilities:
Debt $ 283,107 $18,000 B $(54,987)D $(36,987) $ 246,120
Dividends payable 10,530 -- -- -- 10,530
Other liabilities 24,879 147 A 4,560 C 4,707 29,586
--------- ------- -------- -------- ---------
Total liabilities 318,516 18,147 (50,427) (32,280) 286,236
--------- ------- -------- -------- ---------
Stockholders' equity:
Preferred stock, $.01 par value, 10,000,000 shares authorized
Series A: issued and outstanding: 2,000,000 shares
at September 30, 1996
(aggregate liquidation preference $50,000) 20 -- -- -- 20
Series B: issued and outstanding: 1,300,000 shares
at September 30, 1996
(aggregate liquidation preference $32,500) 13 -- -- -- 13
Common stock, $.01 par value, 40,000,000 shares
authorized, 13,887,667 issued and
outstanding at September 30, 1996 139 -- -- -- 139
Paid-in-capital 392,755 -- -- -- 392,755
Distributions in excess of net income (30,976) -- 9,120 C 9,120 (21,856)
--------- ------- -------- -------- ---------
Total stockholders' equity 361,951 -- 9,120 9,120 371,071
--------- ------- -------- -------- ---------
$ 680,467 $18,147 $(41,307) $(23,160) $ 657,307
========= ======= ======== ======== =========
</TABLE>
The accompanying notes are an integral
part of these financial statements
F-2
<PAGE> 7
TRINET CORPORATE REALTY TRUST, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
<TABLE>
<CAPTION>
Nine Months Ended September 30, 1996
------------------------------------------------------------------------------
Adjustments
--------------------------------------------
Acquired Disposition
Historical Properties Properties Total Pro Forma
------------ ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
Revenues:
Rent $ 55,042 $4,401 E $(3,848)H $ 553 $ 55,595
Joint venture income 238 -- -- -- 238
Other 525 -- -- -- 525
------------ ------ ------- ------- ------------
Total revenue 55,805 4,401 (3,848) 553 56,358
Expenses:
Property operating costs 1,995 -- -- -- 1,995
General and administrative 3,853 -- -- -- 3,853
Interest 15,537 2,666 F (2,845)I (179) 15,358
Depreciation 9,843 917 G (628)J 289 10,132
Amortization 2,242 -- -- -- 2,242
------------ ------- ------- ------- ------------
Income before gain on sale and
extraordinary charge 22,335 818 (375) 443 22,778
Gain on sale of real estate 660 -- -- -- 660
------------ ------ ------- ------- ------------
Income before extraordinary charge 22,995 818 (375) 443 23,438
Extraordinary charge from early
extinguishment of debt (1,165) -- -- -- (1,165)
------------ ------ ------- ------- ------------
Net income $ 21,830 $ 818 $ (375) $ 443 $ 22,273
============ ====== ======= ======= ============
Earnings available to common shares $ 20,104 $ 818 $ (375) $ 443 $ 20,547
============ ====== ======= ======= ============
Per common share:
Income available before extraordinary charge,
net of preferred dividend requirement $ 1.53 $ 0.06 $ (0.03) $ 0.03 $ 1.56
Extraordinary charge $ (0.08) $ -- $ -- $ -- $ (0.08)
------------ ------ ------- ------- ------------
Earnings available $ 1.45 $ 0.06 $ (0.03) $ 0.03 $ 1.48
============ ====== ======= ======= ============
Weighted average number of common
shares outstanding 13,847,470 -- -- -- 13,847,470
============ ====== ======= ======= ============
</TABLE>
The accompanying notes are an integral
part of these financial statements
F-3
<PAGE> 8
TRINET CORPORATE REALTY TRUST, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT SHARE PER SHARE DATA)
<TABLE>
<CAPTION>
Year Ended December 31, 1995
--------------------------------------------------------------------------------
Adjustments
---------------------------------------------
Acquired Disposition
Historical Properties Properties Total Pro Forma
------------ ---------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Revenues:
Rent $ 56,199 $6,278 E $(5,131)H $ 1,147 $ 57,346
Other 693 -- -- -- 693
------------ ------ ------- -------- ------------
Total revenue 56,892 6,278 (5,131) 1,147 58,039
Expenses:
Property operating costs 1,275 -- -- -- 1,275
General and administrative 3,892 -- -- -- 3,892
Interest 17,329 3,963 F (4,148)I (185) 17,144
Depreciation 10,546 1,298 G (1,358)J (60) 10,486
Amortization 3,616 -- -- -- 3,616
------------ ------ ------- -------- ------------
Income before extraordinary charge 20,234 1,017 375 1,392 21,626
Extraordinary charge from early
extinguishment of debt 9,561 -- -- -- 9,561
------------ ------ ------- -------- ------------
Net income $ 10,673 $1,017 $ 375 $ 1,392 $ 12,065
============ ====== ======= ======== ============
Per common share:
Income before extraordinary charge $ 1.80 $ 0.10 $ 0.03 $ 0.13 $ 1.93
Extraordinary charge from early
extinguishment of debt $ (0.85) $ -- $ -- $ -- $ (0.85)
------------ ------ ------- -------- ------------
Net income $ 0.95 $ 0.10 $ 0.03 $ 0.13 $ 1.08
============ ====== ======= ======== ============
Weighted average number of common
shares outstanding 11,219,201 -- -- -- 11,219,201
============ ====== ======= ======== ============
</TABLE>
The accompanying notes are an integral
part of these financial statements
F-4
<PAGE> 9
TRINET CORPORATE REALTY TRUST, INC.
NOTES TO THE PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
1. Basis of Presentation.
The pro forma consolidated financial statements of TriNet Corporate Realty
Trust, Inc. (the "Company"), which are unaudited, have been prepared based on
the historical consolidated financial statements of the Company. The pro forma
consolidated statements of operations for the nine months ended September 30,
1996 and for the year ended December 31, 1995 have been prepared as if the
acquisitions of the Acquired Properties between September 12, 1996 and December
12, 1996, and the disposal of the Disposition Properties between September 12,
1996 and December 12, 1996 had occurred on January 1, 1995. In management's
opinion, all adjustments necessary to reflect the effects of these transactions
have been made. The pro forma consolidated financial statements should be read
in conjunction with the historical consolidated financial statements of the
Company.
The pro forma consolidated financial statements are not necessarily indicative
of what the actual results of operations of the Company would have been for the
nine months ended September 30, 1996 or for the year ended December 31, 1995 had
the transactions involving the Acquired Properties and the Disposition
Properties actually occurred on January 1, 1995, nor do they purport to
represent the results of operations for future periods.
2. Pro Forma Adjustments.
A. Reflects the purchase of the adidas Property and the Frontier
Property that occurred subsequent to September 30, 1996.
B. Reflects the draw of $18.0 million under the 1995 Acquisition
Facility for the acquisition of the adidas Property.
C. Reflects the disposal of the Disposition Properties.
D. Reflects: (1) the payment of $35.0 million on the 1995 Acquisition
Facility from the proceeds of the disposal of the Disposition
Properties, and (2) the estimated payment of approximately $20.0
million on a mortgage loan with the proceeds from the disposal of
the MacFrugal's Property. The Company is currently in discussions
regarding the amount that will be paid on the mortgage loan. The
Settlement Agreement relating to the MacFrugal's Property provides for
an approximate $20 million payment on the mortgage loan. In the event
that the actual payment is more or less than approximately $20
million, the difference would be drawn from or applied to the 1995
Acquisition Facility.
E. Additional rental revenue is attributable to the Acquired Properties.
F. Additional interest expense is attributable to the draws on the 1995
Acquisition Facility in connection with the acquisition of the
Acquired Properties, computed at the weighted average interest rate in
effect under the 1995 Acquisition Facility during the applicable
period.
G. Additional depreciation is attributable to the Acquired Properties.
Depreciation is computed using the straight-line method of cost
recovery over 40 years for buildings and improvements.
F-5
<PAGE> 10
H. Decreased rental revenue is attributable to the disposal of the
Disposition Properties.
I. Decreased interest expense is attributable to the application of the
proceeds from the disposal of the REX Properties and a portion of the
proceeds from the disposal of the MacFrugal's Property to the 1995
Acquisition Facility, computed at the weighted average interest rate
in effect during the applicable period and the estimated $20.0
million payment on a mortgage loan in connection with the disposal of
the MacFrugal's Property proceeds, computed at the weighted average
interest rate in effect under that loan for the applicable period.
J. Decreased depreciation is attributable to the disposal of the
Disposition Properties. Depreciation is computed using the straight-
line method of cost recovery over 40 years for buildings and
improvements.
F-6
<PAGE> 11
REPORT OF INDEPENDENT ACCOUNTANTS
Board of Directors
TriNet Corporate Realty Trust, Inc.
We have audited the accompanying Historical Summary of Gross Income (the
"Historical Summary") of the Olympus America, Inc. Property, Melville, Long
Island, New York (the "Property") for the seven months ended December 31, 1995.
The Historical Summary is the responsibility of the Property's owner. Our
responsibility is to express an opinion on the Historical Summary based on our
audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the Historical Summary is free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the Historical Summary. An audit also includes assessing the
basis of the accounting used and significant estimates made by management, as
well as evaluating the overall presentation of the Historical Summary. We
believe that our audit provides a reasonable basis for our opinion.
The accompanying Historical Summary was prepared for the purpose of complying
with the rules and regulations of the Securities and Exchange Commission as
described in Note A. The Historical Summary is not intended to be a complete
presentation of the Property's gross income and expenses and may not be
comparable to results from proposed future operations of the Property.
In our opinion, the Historical Summary referred to above presents fairly, in all
material respects, the gross income as described in Note A, of the Olympus
America, Inc. Property, Melville, Long Island, New York, for the seven months
ended December 31, 1995, in conformity with generally accepted accounting
principles.
Coopers & Lybrand L.L.P.
San Francisco, California
December 20, 1996
F-7
<PAGE> 12
OLYMPUS AMERICA, INC. PROPERTY
HISTORICAL SUMMARY OF GROSS INCOME
FOR THE SEVEN MONTHS ENDED DECEMBER 31, 1995
<TABLE>
<S> <C>
Gross Income $ 1,873,064
============
</TABLE>
The accompanying note is an integral
part of this historical summary
F-8
<PAGE> 13
OLYMPUS AMERICA, INC. PROPERTY
NOTE TO HISTORICAL SUMMARY OF GROSS INCOME
FOR THE SEVEN MONTHS ENDED DECEMBER 31, 1995
A. Property and Basis of Accounting
The accompanying Historical Summary of Gross Income has been prepared
in accordance with Rule 3-14 of Regulation S-X of the Securities and
Exchange Commission and relates to the operations of the Olympus
America, Inc. Property (the "Property"). The Property consists of one
office building comprising 270,000 square feet located in Melville,
Long Island, New York. Olympus America, Inc. has occupied the building
since the end of May 1995, and therefore, only seven months are
presented in the Historical Summary of Gross Income.
The Property is subject to a net lease that expires in August 2006 and
provides for the tenant to pay all expenses associated with the
Property. Therefore, no operating expenses have been presented in the
Historical Summary. Gross income includes $857,287 as a result of the
straight-line rent adjustment for differences between straight-line
rents and contractual rent payments.
F-9
<PAGE> 14
REPORT OF INDEPENDENT ACCOUNTANTS
Board of Directors
TriNet Corporate Realty Trust, Inc.
We have audited the accompanying Historical Summary of Gross Income (the
"Historical Summary") of the adidas America, Inc. Property, Spartanburg, South
Carolina (the "Property") for the year ended December 31, 1995. The Historical
Summary is the responsibility of the Property's owner. Our responsibility is to
express an opinion on the Historical Summary based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the Historical Summary is free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the Historical Summary. An audit also includes assessing the
basis of the accounting used and significant estimates made by management, as
well as evaluating the overall presentation of the Historical Summary. We
believe that our audit provides a reasonable basis for our opinion.
The accompanying Historical Summary was prepared for the purpose of complying
with the rules and regulations of the Securities and Exchange Commission as
described in Note A. The Historical Summary is not intended to be a complete
presentation of the Property's gross income and expenses and may not be
comparable to results from proposed future operations of the Property.
In our opinion, the Historical Summary referred to above presents fairly, in all
material respects, the gross income as described in Note A, of the adidas
America, Inc. Property, Spartanburg, South Carolina, for the year ended December
31, 1995, in conformity with generally accepted accounting principles.
Coopers & Lybrand L.L.P.
San Francisco, California
December 20, 1996
F-10
<PAGE> 15
ADIDAS AMERICA, INC. PROPERTY
HISTORICAL SUMMARY OF GROSS INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
<TABLE>
<S> <C>
Gross Income $ 1,789,106
============
</TABLE>
The accompanying note is an integral
part of this historical summary
F-11
<PAGE> 16
ADIDAS AMERICA, INC. PROPERTY
NOTE TO HISTORICAL SUMMARY OF GROSS INCOME
FOR THE YEAR ENDED DECEMBER 31, 1995
A. Property and Basis of Accounting
The accompanying Historical Summary of Gross Income has been prepared
in accordance with Rule 3-14 of Regulation S-X of the Securities and
Exchange Commission and relates to the operations of the adidas
America, Inc. Property (the "Property"). The Property is a distribution
facility comprising 563,210 square feet located in Spartanburg, South
Carolina.
The Property is subject to a net lease that expires in December 2003
and provides for the tenant to pay all expenses associated with the
Property. Therefore, no operating expenses have been presented in
the Historical Summary. Gross income has been reduced by $67,340 as
a result of the straight-line adjustment for differences between
straight-line rents and contractual rent payments.
F-12
<PAGE> 17
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TRINET CORPORATE REALTY TRUST, INC.
By: /s/A. William Stein
--------------------------------------------
A. William Stein
Executive Vice President and
Chief Financial Officer
(Authorized Officer of the Registrant
and Principal Financial Officer)
Dated: December 26, 1996
<PAGE> 1
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statements of
TriNet Corporate Realty Trust, Inc. on Form S-3 (File No. 33-79746), Form S-3
(File No. 33-87256), Form S-3 (File No. 33-80709), Form S-8 (File No. 33-79748)
and Form S-8 (File No. 333-02222) of our reports dated December 20, 1996, on our
audits of the Historical Summary of Gross Income of the Olympus America, Inc.
Property for the seven months ended December 31, 1995, and the Historical
Summary of Gross Income of the adidas America, Inc. Property for the year ended
December 31, 1995, which reports are included in this Current Report on Form
8-K.
COOPERS & LYBRAND L.L.P.
San Francisco, California
December 26, 1996
