<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): January 30, 1998
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)
One Embarcadero Center, 33rd Floor
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 January 30, 1998 through March 31, 1998, TriNet
Corporate Realty Trust, Inc. (the "Company") acquired six properties (the
"Acquired Properties") and two land parcels for total consideration of
approximately $46.9 million, plus aggregate acquisition costs of approximately
$0.6 million. Additionally, during this period the Company contributed an
aggregate $108.7 million to two ventures (the "Ventures"), each 50%-owned by the
Company, which acquired two office buildings, a parking facility, and two
development parcels. As of March 31, 1998, the Company's portfolio consisted of
124 properties. The Acquired Properties and Ventures 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.
Concord Farms Office Park. On January 30, 1998, the Company acquired
three office buildings and two adjacent land parcels in Concord,
Massachusetts for total consideration of approximately $26.6 million.
The three office buildings comprise 190,389 square feet and the two land
parcels total 12.7 acres. One of the buildings, a 68,077 square foot,
three-story office building, is 100%-leased to Welch Foods, Inc. The
other two buildings, a 62,062 square foot, three story office building
and a 60,250 square foot, two-story office building, are 100%-leased to
Sybase, Inc.
The Company acquired the properties via merger between TriNet Essential
Facilities XXVIII, Inc., a wholly-owned subsidiary of the Company, and
corporate entities affiliated with Spaulding & Co., a regional
development and property management firm. As part of the merger
consideration, the seller received approximately $1.9 million in shares
of restricted common stock of the Company, subject to certain
registration rights, and has the right to receive $2.4 million of
deferred consideration in additional shares upon satisfaction of certain
obligations. Spaulding & Co. has been retained by the Company to provide
ongoing property management and development services relating to the
acquired properties.
The purchase price for the Concord Farms Office Park properties was
funded by a $22.5 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.
60 Columbian St., 260 Kenneth Dr., and 700 Longwater Dr. On February 25,
1998, TriNet Property Partners, L.P. ("TPP"), a limited partnership of
which TriNet Realty Investors I, Inc., a wholly-owned subsidiary of the
Company, is the sole general partner, acquired two properties in
metropolitan Boston, Massachusetts from a group of private partnerships
controlled by Keller/Davis Company, L.L.C. for a purchase price of
approximately $13.3 million. One property, 60 Columbian St., is a
two-story, 108,085 square foot office/distribution building in
Braintree, MA which is 100%-leased to the Massachusetts State Lottery
Commission and to GTECH Holdings Corporation. The second property, 260
Kenneth Dr., is a single-story, 104,765 square foot
warehouse/distribution facility in Lakeville, MA which is 100%-leased to
KAO Infosystems. TPP acquired fee title interest in the properties. The
purchase price for these two properties was funded by a $13.2 million
draw on the Acquisition Facility, with the remainder being funded from
working capital.
<PAGE> 3
On March 31, 1998, TPP acquired a 72,921 square foot office building in
Norwell, MA, for $7.0 million. The property, 700 Longwater Dr., is
leased to Serono Laboratories, the Massachusetts State Lottery
Commission, Guardian Life Insurance Company and Agency Management
Services. The property was funded by a $6.6 million draw on the
Acquisition Facility. TPP acquired fee title interest in the property.
Poydras Plaza. On March 12, 1998, W9/TriNet Poydras, LLC, a venture
which is 50%-owned by TriNet Corporate Partners I, L.P., a wholly-owned
subsidiary of the Company, acquired two office buildings, a parking
facility and a development parcel located in New Orleans, LA from K/B
Fund III, an affiliate of Koll/Bren Realty Advisors, for a purchase
price of approximately $114.3 million. The other venturer in W9/TriNet
Poydras, LLC is Whitehall Street Real Estate Limited Partnership IX, an
affiliate of Goldman, Sachs & Co. TriNet Corporate Partners I, L.P. is
the manager of the venture.
The properties consist of a 28-story, 526,041 square foot office tower;
a 24-story, 422,890 square foot office tower; a 1,078 space parking
garage; a 1.5 acre development parcel currently zoned for an additional
1.1 million square foot office tower; and a 0.68 acre garage expansion
site. The office buildings are 97% and 92% leased. A subsidiary of
Entergy Corporation leases approximately 390,000 square feet in both
buildings and a subsidiary of Mobil Corporation leases approximately
187,000 square feet in one of the buildings. Other tenants include New
York Life, WorldCom Networks, American Communications, Coopers & Lybrand
L.L.P., Dean Witter Reynolds and Prudential Securities.
The Company contributed approximately $58.4 million to the venture as
the Company's portion of the purchase price for these properties. The
Company's contribution was funded entirely by a draw on the
Acquisition Facility.
Corporate Technology Centre. On March 26, 1998, Corporate Technology
Centre Associates LLC, a venture which is 50%-owned by TriNet Realty
Investors III, Inc., a wholly-owned subsidiary of the Company, acquired
a 33 acre land parcel from 3Com Corporation for a purchase price of
approximately $50.2 million. The venture intends to construct up to
eight office buildings comprising approximately 603,000 square feet. The
other venturer in Corporate Technology Centre Associates LLC is Menlo
Equities, L.L.C., a private real estate investment, development and
management company. Menlo Equities will be responsible for the project's
development and leasing activities. The Company will have the option to
purchase 100% of the project once the project is leased and stabilized.
The Company's initial investment in the venture is approximately $50.3
million. The Company's investment was funded by a $49.7 million draw on
the Acquisition Facility, with the remainder being funded from working
capital.
<PAGE> 4
This Current Report on Form 8-K contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended (the "Securities Act"), and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). The
Company intends such forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements contained in the
Private Securities Reform Act of 1995, and is including this statement
for purposes of complying with these safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and
describe future plans, strategies and expectations of the Company, are
generally identifiable by use of the words "believe," "expect,"
"intend," "anticipate," "estimate," "project" or similar expressions.
The Company's ability to predict results or the actual effect of future
plans or strategies is inherently uncertain. Factors which could have a
material adverse effect on the operations and future prospects of the
Company include, but are not limited to, changes in: economic conditions
generally and the real estate market specifically,
legislative/regulatory changes (including changes to laws governing the
taxation of real estate investment trusts ("REITs")), availability of
capital, interest rates, competition, supply and demand for office and
industrial properties in the Company's current and proposed market areas
and general accounting principles, policies and guidelines applicable to
REITs. These risks and uncertainties, together with those described from
time to time in the Company's filings under the Securities Act and
reports filed under the Exchange Act, should be considered in evaluating
forward-looking statements and undue reliance should not be placed on
such statements.
Item 7. Financial Statements and Exhibits
Financial Statements
Pro Forma Financial Statements
The pro forma financial statements of the Company reflecting the
above transactions are included on pages F-2 to F-5.
Historical Financial Statements
The Historical Summary of Rental Income and Direct Operating
Expenses for the Concord Farms Office Park is included on pages
F-6 to F-8. The Historical Summary of Income and Direct Operating
Expenses for Poydras Plaza is included on pages F-9 to F-11.
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
as of December 31, 1997 F-2
Unaudited pro forma consolidated statement of operations F-3
for the year ended December 31, 1997
Notes to the pro forma financial statements F-4
Historical Summary of Rental Income and Direct Operating Expenses
for the Concord Farms Office Park:
Report of independent accountants F-6
Historical summary of rental income and direct operating expenses
for the year ended December 31, 1997 F-7
Note to historical summary of rental income
and direct operating expenses F-8
Historical Summary of Income and Direct Operating Expenses
of Poydras Plaza:
Report of independent accountants F-9
Historical summary of income and direct operating expenses
for the year ended December 31, 1997 F-10
Note to historical summary of income and direct
operating expenses F-11
</TABLE>
<PAGE> 6
TRINET CORPORATE REALTY TRUST, INC.
PRO FORMA CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1997
(UNAUDITED - DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
<TABLE>
<CAPTION>
Adjustments
-----------------------
Acquired
Historical Properties Offerings Pro Forma
----------- ----------- ----------- -----------
ASSETS
<S> <C> <C> <C> <C>
Real estate, at cost:
Land $ 200,393 $ 8,379A $ -- $ 208,772
Depreciable property 945,458 36,679A -- 982,137
----------- ----------- ----------- -----------
1,145,851 45,058 -- 1,190,909
Less accumulated depreciation (52,650) -- -- (52,650)
----------- ----------- ----------- -----------
1,093,201 45,058 -- 1,138,259
Investment in joint ventures 6,661 108,703A -- 115,364
Real estate held for sale, net 10,942 -- -- 10,942
----------- ----------- ----------- -----------
Total real estate 1,110,804 153,761 -- 1,264,565
Cash and cash equivalents 303 (1,132)A 3,107B 2,278
Restricted cash and investments 5,043 -- -- 5,043
Deferred rent receivable 20,797 -- -- 20,797
Interest rate protection agreements and loan costs, net 13,958 -- 926B 14,884
Other assets, net 4,999 -- -- 4,999
----------- ----------- ----------- -----------
$ 1,155,904 $ 152,629 $ 4,033 $ 1,312,566
=========== =========== =========== ===========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Liabilities:
Debt $ 434,122 $ 150,442A $ (25,922)B $ 558,642
Dividends payable 13,346 -- -- 13,346
Other liabilities 32,448 -- -- 32,448
----------- ----------- ----------- -----------
Total liabilities 479,916 150,442 (25,922) 604,436
----------- ----------- ----------- -----------
Commitments and Contingencies
Minority Interest 765 321 -- 1,086
Stockholders' equity:
Preferred stock, $.01 par value, 10,000,000 shares authorized:
Series A: issued and outstanding: 2,000,000 shares
at December 31, 1997
(aggregate liquidation preference $50,000) 20 -- -- 20
Series B: issued and outstanding: 1,300,000 shares
at December 31, 1997
(aggregate liquidation preference $32,500) 13 -- -- 13
Series C: 4,000,000 shares issued and outstanding
at December 31, 1997
(aggregate liquidation preference $100,000) 40 -- -- 40
Common stock, $.01 par value, 40,000,000 shares authorized:
issued and outstanding at December 31, 1997:
20,853,106 actual and 21,653,106 pro forma 209 1A 8B 218
Paid-in-capital 710,798 1,865A 29,947B 742,610
Accumulated deficit (35,857) -- -- (35,857)
----------- ----------- ----------- -----------
Total stockholders' equity 675,223 1,866 29,955 707,044
----------- ----------- ----------- -----------
$ 1,155,904 $ 152,629 $ 4,033 $ 1,312,566
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral
part of these financial statements
F-2
<PAGE> 7
TRINET CORPORATE REALTY TRUST, INC.
PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
(UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
<TABLE>
<CAPTION>
Adjustments
--------------------------
Acquired
Historical Properties Offerings Pro Forma
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Revenues:
Rent $ 106,862 $ 6,181C $ -- $ 113,043
Joint venture income 812 3,212D -- 4,024
Management fees 707 -- -- 707
Other 911 -- -- 911
------------ ------------ ------------ ------------
Total revenue 109,292 9,393 -- 118,685
Expenses:
Property operating costs 3,828 1,459E -- 5,287
General and administrative 6,589 -- -- 6,589
Interest 25,845 6,638F (1,469)I 31,014
Depreciation and amortization 19,781 917G -- 20,698
------------ ------------ ------------ ------------
Income before minority interest, gain on sale and
extraordinary item 53,249 379 1,469 55,097
Minority Interest -- (21)H -- (21)
------------ ------------ ------------ ------------
Income before gain on sale and
extraordinary charge 53,249 358 1,469 55,076
Gain on sale of real estate 985 -- -- 985
------------ ------------ ------------ ------------
Income before extraordinary items 54,234 358 1,469 56,061
Extraordinary gain on expropriation 98 -- -- 98
------------ ------------ ------------ ------------
Net income $ 54,332 $ 358 $ 1,469 $ 56,159
Preferred dividend requirement (9,522) -- -- (9,522)
------------ ------------ ------------ ------------
Earnings available to common shares $ 44,810 $ 358 $ 1,469 $ 46,637
============ ============ ============ ============
Per common share:
Income available before extraordinary items,
net of preferred dividend requirement $ 2.30 $ 2.29
Extraordinary gain 0.01 0.01
============ ============
Earnings available $ 2.31 $ 2.30
============ ============
Weighted average number of common shares outstanding:
Basic: 19,435,398 20,235,398
Diluted: 19,625,788 20,425,788
</TABLE>
The accompanying notes are an integral
part of these financial statements
F-3
<PAGE> 8
TRINET CORPORATE REALTY TRUST, INC.
NOTES TO THE PRO FORMA FINANCIAL STATEMENTS
(UNAUDITED)
1. Basis of Presentation.
The pro forma financial statements of TriNet Corporate Realty Trust, Inc.
(the "Company"), which are unaudited, have been prepared based on the
historical financial statements of the Company. On February 24, 1998, the
Company sold to the public $125 million of 6.75% of Dealer remarketable
securities (the "February Offering") which generated proceeds of
approximately $124.0 million (before issuance costs). On March 18, 1998, the
Company completed a direct placement of 800,000 shares of common stock (the
"March Offering") which generated proceeds of approximately $30.0 million
(before issuance costs). The accompanying unaudited pro forma consolidated
balance sheet as of December 31, 1997, has been prepared as if the
acquisitions between January 30, 1998 and March 31, 1998 of the Concord
Farms Office Park, 60 Columbian St., 260 Kenneth Dr., and 700 Longwater Dr.,
(collectively, the "Acquired Properties"), the investments in W9/TriNet
Poydras, LLC and Corporate Technology Centre Associates LLC (collectively,
the "Ventures"), the February Offering and the March Offering (collectively,
the "Offerings") had occurred on December 31, 1997. The unaudited pro forma
consolidated statement of operations for the year ended December 31, 1997
has been prepared as if the Offerings, the acquisition of the Acquired
Properties, and the investment in the Ventures had occurred on January 1,
1997.
In management's opinion, all adjustments necessary to reflect the effects of
these transactions have been made. The pro forma financial statements should
be read in conjunction with the historical financial statements of the
Company. The pro forma financial statements are not necessarily indicative
of what the financial condition or results of operations of the Company
would have been as of and for the year ended December 31, 1997, had the
completion of the Offerings, the acquisitions of the Acquired Properties,
and the investments in the Ventures actually occurred on the dates
indicated, nor do they purport to represent the financial condition or
results of operations for future periods.
2. Pro Forma Adjustments.
A. Reflects the purchase of the Acquired Properties and the investment in
the Ventures.
B. Increase in cash reflects the $123.7 million of proceeds (net of
offering costs and discount to public) from the February Offering and
the $29.9 million of proceeds (net of offering costs) from the March
Offering. This increase is offset by the use of $150.6 million of the
proceeds to pay down the outstanding balance on the Acquisition
Facility. Decrease in debt reflects $120.6 million paydown of the
Acquisition Facility from the February Offering as well as $29.9 million
paydown of the Acquisition Facility from the March Offering, offset by
the additional $124.4 million of debt (net of discount) from the
February Offering. Additionally, approximately $926,000 of loan costs
related to the February Offering have been capitalized.
C. Additional rental revenue is attributable to the Acquired Properties.
D. Additional joint venture income is attributable to the Company's
interest in the Ventures.
E. Additional property operating costs are attributable to the Acquired
Properties.
F-4
<PAGE> 9
TRINET CORPORATE REALTY TRUST, INC.
NOTES TO THE PRO FORMA FINANCIAL STATEMENTS
(UNAUDITED)
F. Additional interest expense is calculated to reflect the draw amount of
approximately $150.4 million on the Company's Acquisition Facility in
connection with the acquisition of the Acquired Properties, computed at
a weighted average interest rate in effect under the Acquisition
Facility during the year ended December 31, 1997, net of amounts
capitalized.
G. Additional depreciation expense is calculated to reflect depreciation
attributable to the Acquired Properties. Depreciation is computed using
the straight-line method of cost recovery over 40 years for building and
improvements.
H. Increase represents the minority interest attributable to the limited
partners of the TriNet Property Partners partnership.
I. Decrease in interest expense reflects the increase in debt and interest
rate from the February Offering offset by the corresponding pay down of
the Acquisition Facility from the proceeds as well as the subsequent pay
down of the Acquisition Facility due to the March Offering. Interest
expense also includes additional amortization from the loan costs
related to the February Offering.
F-5
<PAGE> 10
REPORT OF INDEPENDENT ACCOUNTANTS
Board of Directors
TriNet Corporate Realty Trust, Inc.
We have audited the accompanying Historical Summary of Rental Income and Direct
Operating Expenses (the "Historical Summary") of the Concord Farms Office Park
for the year ended December 31, 1997. The Historical Summary is the
responsibility of the owner of the Concord Farms Office Park. 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 Concord Farms Office Park rental income and expenses and
may not be comparable to results from proposed future operations of the Concord
Farms Office Park.
In our opinion, the Historical Summary referred to above presents fairly, in all
material respects, the rental income and direct operating expenses as described
in Note A, of the Concord Farms Office Park, for the year ended December 31,
1997, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
San Francisco, California
April 20, 1998
F-6
<PAGE> 11
Concord Farms Office Park
Historical Summary of Rental Income and Direct Operating Expenses
For the year ended December 31, 1997
<TABLE>
<S> <C>
Rental income $2,538,184
Direct operating expenses 733,176
----------
Rental income in excess of direct operating expenses $1,805,008
==========
</TABLE>
F-7
<PAGE> 12
Concord Farms Office Park
Note to the Historical Summary of Rental Income and Direct Operating Expenses
For the year ended December 31, 1997
A. Property and Basis of Accounting
The accompanying Historical Summary of Rental Income and Direct Operating
Expenses (the "Historical Summary") 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 Concord Farms Office Park. In accordance with Rule 3-14,
direct operating expenses exclude depreciation expense, interest expense and
management fees. The Concord Farms Office Park consists of a 68,077 square foot
office building leased to Welch Foods, Inc. under a lease which expires in 2003
and a 60,250 square foot office building and a 62,062 square foot office
building, both of which are leased to Sybase, Inc under leases which expire in
2001.
Deducted from rental income is $395,351 resulting from the straight-line
adjustment for differences between straight-line rents and contractual rent
payments.
F-8
<PAGE> 13
REPORT OF INDEPENDENT ACCOUNTANTS
Board of Directors
TriNet Corporate Realty Trust, Inc.
We have audited the accompanying Historical Summary of Income and Direct
Operating Expenses (the "Historical Summary") of Poydras Plaza for the year
ended December 31, 1997. The Historical Summary is the responsibility of the
owner of Poydras Plaza. 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 income and expenses of Poydras Plaza and may not be
comparable to results from proposed future operations of Poydras Plaza.
In our opinion, the Historical Summary referred to above presents fairly, in all
material respects, the income and direct operating expenses as described in Note
A, of Poydras Plaza, for the year ended December 31, 1997, in conformity with
generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
San Francisco, California
April 20, 1998
F-9
<PAGE> 14
Poydras Plaza
Historical Summary of Income and Direct Operating Expenses
For the year ended December 31, 1997
<TABLE>
<CAPTION>
Income:
<S> <C>
Rental income $12,938,464
Garage income 1,490,000
-----------
14,428,464
Direct operating expenses:
Utilities 1,436,495
Repairs and maintenance 2,141,094
Real estate taxes 1,105,610
Garage operating expenses 525,577
Other 98,734
-----------
Income in excess of direct operating expenses $ 9,120,954
===========
</TABLE>
F-10
<PAGE> 15
Poydras Plaza
Note to the Historical Summary of Income and Direct
Operating Expenses For the year ended December 31, 1997
A. Property and Basis of Accounting
The accompanying Historical Summary of Income and Direct Operating Expenses (the
"Historical Summary") 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 Poydras Plaza (the "Property"). In accordance with Rule 3-14,
direct operating expenses exclude depreciation expense, interest expense and
management fees. The Property consists of a 526,041 square foot office tower, a
422,890 square foot office tower, and a 1,078 space parking garage. As of
December 31, 1997, the Property was leased to 40 tenants under operating leases
which expire between 1998 and 2009. As of December 31, 1997, two tenants
represented approximately 61% of rental income and leaseable square feet.
Included in rental income is $403,543 resulting from the straight-line
adjustment for differences between straight-line rents and contractual rent
payments.
F-11
<PAGE> 16
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: April 21, 1998
<PAGE> 17
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Numbers
<S> <C> <C>
23.1 Consent of Independent Accountant
</TABLE>
<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. 333-42717), Form S-3
(File No. 333-29593), Form S-8 (File No. 333-02222), and Form S-8 (File No.
333-35149) of our reports dated April 20, 1998 on our audits of the Historical
Summary of Rental Income and Direct Operating Expenses of the Concord Farms
Office Park for the year ended December 31, 1997, and the Historical Summary of
Income and Direct Operating Expenses of Poydras Plaza for the year ended
December 31, 1997, which reports are included in this Current Report on Form
8-K.
COOPERS & LYBRAND L.L.P.
San Francisco, California
April 20, 1998
