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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 1997
TRINET CORPORATE REALTY TRUST, INC.
(Exact name of Registrant as specified in its charter)
Maryland
(State of Incorporation)
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<S> <C>
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)
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(415) 391-4300
(Registrant's telephone number, including area code)
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Item 5. Other Events
Property Acquisitions. From February 18, 1997 through March 21, 1997, TriNet
Corporate Realty Trust, Inc. ("the Company") acquired nine properties (the
"Acquired Properties") for an aggregate purchase price of approximately $148.5
million, plus aggregate acquisition costs of approximately $1.2 million. As of
March 21, 1997, the Company's portfolio consisted of 88 properties. The
Acquired Properties are described below. 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.
IBM Dallas. On February 18, 1997, TriNet Corporate Partners II, L. P.
("TCPII"), a wholly-owned subsidiary of the Company, purchased a
222,267 square foot operations center leased to International Business
Machines Corporation ("IBM") located in Dallas, Texas (the "IBM Dallas
Property") from WHC-Six Real Estate Limited Partnership, a Delaware
limited partnership, for a purchase price of approximately $9.9
million. TCPII acquired a fee title interest in the IBM Dallas
Property. The purchase price for the IBM Dallas Property was funded
by a $9.5 million draw on the Company's $200.0 million unsecured
revolving credit facility ("the 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 the remainder being funded from working capital.
RiverEdge Summit. On March 6, 1997, TriNet Essential Facilities XXIII,
Inc. ("TriNet XXIII"), a wholly-owned subsidiary of the Company,
purchased a 444,362 square foot office complex, consisting of two
nine-story buildings leased primarily to IBM located in Atlanta,
Georgia (the "RiverEdge Summit Property") from Gateway Georgia
Properties, Inc., a California corporation, for a purchase price of
$60.0 million. The RiverEdge Summit Property includes structured
parking and additional land for the development of a third building of
approximately 250,000 square feet. TriNet XXIII acquired a fee title
interest in the RiverEdge Summit Property. The Company used proceeds
from the common stock offering completed in February 1997
(the "February Offering") to fund this acquisition. The RiverEdge
Summit Property is 100% leased to the following four tenants with IBM
occupying approximately 87% of the space: IBM, A.D.A.M. Software, Inc.,
Rolm Company and The Amend Group Interests, Inc.
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Cardinal Commerce Center. On March 12, 1997, TCPII purchased a 121,068
square foot single story office/flex building leased to Northern
Telecom, Inc. located in Richardson, Texas (the "Cardinal Commerce
Center Property") from Cardinal Commerce Center, Inc., a Texas
corporation, for a purchase price of approximately $9.6 million.
TCPII acquired a fee title interest in the Cardinal Commerce Center
Property. The Company used proceeds from the February Offering to fund
this acquisition.
Canyon Corporate Center. On March 14, 1997, TriNet XXIII purchased a
three-property campus totaling 309,144 square feet leased to three
tenants located in Anaheim, California (the "Canyon Corporate Center
Properties") from Canyon Corporate Properties Limited Partnership, an
Arizona limited partnership, for a purchase price of $29.0 million.
TriNet XXIII acquired a fee title interest in the Canyon Corporate
Center Properties. The purchase price was funded by approximately
$19.8 million in proceeds from the February Offering and a $6.0
million draw on the Acquisition Facility, with the remainder being
funded from working capital. The Canyon Corporate Center Properties
are 100% leased to the following three tenants: Los Angeles Cellular
Telephone Company, Experian Information Solutions, Inc. and Programmed
Composites, Inc.
RiverPark. On March 21, 1997, TriNet XXIII purchased a three-property
office complex totaling 442,000 square feet leased to two tenants
located in North Reading, Massachusetts (the "RiverPark Properties")
from North Reading 93 Corporation and North Reading 93 Investment
Corporation, both Massachusetts corporations, for a purchase price of
$40.0 million. TriNet XXIII acquired a fee title interest in the
RiverPark Properties. The purchase price was funded by a $37.5
million draw on the Acquisition Facility with the remainder being
funded from working capital. The RiverPark Properties are 100% leased
to the following two tenants: Lotus Development Corporation ("Lotus")
and Central National-Gottesman, Inc. Lotus has the option, under
certain agreements, to purchase the premises it currently occupies in
the RiverPark Properties. The option is exercisable from June 1, 2000
through May 31, 2001.
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Item 7. Financial Statements and Exhibits
Financial Statements
Because it would be impractical to provide audited income statements
of the operations of the Acquired Properties in conformance with
Regulation S-X, Rule 3-14 at the time of this report, historical
financial information concerning certain Acquired Properties and pro
forma financial statements of the Company reflecting these
transactions will be provided within 60 days from the date of the
filing of this report under cover of Form 8-K/A.
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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
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A. William Stein
Executive Vice President and
Chief Financial Officer
(Authorized Officer of the Registrant
and Principal Financial Officer)
Dated: March 27, 1997
