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May 20, 2009, 02:55 PM ET
The Upside of a Down Economy: Lone Star College Gets Big Deal on Big Purchase
The Wall Street Journal says that some investors would love to have the real-estate sense of the Lone Star College System. The college system bought an eight-building, 1.2-million-square-foot corporate campus from Hewlett-Packard for $42.2-million, or $35 a square foot.
“The price paid by the two-year community-college system was about $100-million less than the number discussed a little more than a year earlier with Lone Star, according to a person familiar with the transaction. ‘We saw it as a grand opportunity to snatch up a beautiful campus for considerably less than its value,’ says Richard Carpenter, chancellor of Lone Star, which serves a suburban swath of the northwestern Houston region. ‘This is what the economy did for us.’”
The Journal says the deal is the second-largest U.S. office transaction of the year so far. And the college needs the room, apparently: Enrollment has grown 40 percent in the past five years.
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