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Occidental Closes on Sale-Leaseback of Sprint HQ Campus
Occidental Management has closed on its purchase of the 20-building, 190-acre Sprint Headquarters Campus in Overland Park, KS, near Kansas City. Sprint announced in March that it had selected Occidental as the buyer.
The dollar value of this sale-leaseback was not disclosed. However, the Sprint-owned campus was reportedly assessed at $342 million.
Sprint’s headquarters will remain on the Overland Park campus. The wireless provider is leasing back buildings for its long-term needs, primarily in the southern portion of the campus.
“The Sprint campus has been one of our ideal acquisition targets in the Kansas City market, and we’re excited to start work to enhance the already amenity-rich campus,” said Gary Oborny, CEO and chairman of Wichita, KS-based Occidental.
The company entered the K.C. market with its 2014 purchase of the former Overland Park International Trade Center. It redeveloped the property, which borders the Sprint campus, into the OP office project.
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- ◦Sale/Acquisition
