Williams Gets $276 Million in Leaseback

Leasing back property provides several tax incentives (detailed in another article). In this case, Williams Communications gets cash and a fifteen story, 750,000 square foot building.

by ISP-Planet Staff [September 17, 2001]

Williams Communications (NYSE: WCG) sold its Tulsa headquarters to its former parent company The Williams Companies (NYSE: WMB) and leased back the building.

The transaction gives Williams Communications $276 million in cash.

The building, One Technology Center, is the first high-rise building constructed in downtown Tulsa since the 1980's, and represents Tulsa's transformation to a high-technology community. Its 15-story, 750,000 square foot vertical campus design, featuring ergonomic workspaces, Internet cafes and state-of-the-art connectivity, fosters a collaborative and productive environment.

Most of the company's Tulsa-based employees will move into the building by the end of 2001.

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