Tibco to purchase CA HQ for $80 M
Friday, 11 July 2003, 19:30 IST
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WASHINGTON: Tibco Software Inc. said it will purchase its corporate headquarters in Palo Alto, Calif., for $80 million, according to the company's quarterly report filed with the Securities and Exchange Commission. According to the filing from late Wednesday, the company signed a 51-year lease for the land where the four buildings of the headquarters are located. The lease amount of $28 million was paid in advance. In connection with the purchase and lease arrangement, Tibco said it obtained a $54 million mortgage note payable to a financial institution that is collateralized by the commercial real estate property.
Source: IANS
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