Sixth Street, Madison Capital partner with Seagate Technology on $260m sale-leaseback transaction

Sixth Street and Madison Capital announced the closing of a $260 million sale-leaseback transaction with an affiliate of Seagate Technology Holdings.

The sale enables Seagate to realize the value of its 31-acre, 574,775-square-foot headquarters and research and development facility located at 47488 Kato Road in Fremont, Calif. Approximately 800 Seagate employees operate at the property, including several hundred PhDs, engineers and research professionals. Concurrent with closing of the transaction, Seagate entered into a triple-net lease agreement with affiliates of Sixth Street and Madison Capital that provides for a 10-year minimum lease term. Seagate has the ability to exercise extension options that would provide for a total of 20 years of tenancy.

Cresa and Cushman & Wakefield represented Seagate on the sale of the property.