Boise To Sell Headquarters Building in Boise, Idaho
Feb. 20, 2006 - An Idaho newspaper report said that Bosie Cascade will sell the 300,000-square foot building it owns and operates its headquarters out of to a regional developer.
Terms of the deal were not disclosed.
According to the Idaho Statesman, Bosie plans to sell the building, located at 1111 West Jefferson St. in Boise, ID, to Rafanelli & Nahas, then lease back a portion of the building to house its offices.
The sale falls in line with Boise's strategy to focus on its core businesses of wood products and paper manufacturing. "We wanted to concentrate on those businesses, and not worry about managing real estate," Boise Cascade spokesman Mike Moser told the newspaper.
Following the sale, Moser said, the company will become the building's largest tenant by leasing two and possibly three floors to house its 540 Boise area employees.
Rafanelli & Nahas said that it would not comment on the sale until after the deal closes next month.
Timing of the sale comes at a period where real estate values in the area have risen sharpley, and Boise stands to receive a premium price for the property.
SOURCE: Idaho Statesman