Sprint sells K.C. campus for well below its value

OVERLAND PARK — Wireless carrier Sprint has sold its massive suburban Kansas City campus for well below its appraised value under a deal that allows it to lease back office space at a rate well below market value.

Investment research firm Moody’s released research on the $250.9 million deal just ahead of the Justice Department’s final determination of whether Sprint’s $26.5 billion merger with T-Mobile presents any antitrust concerns. Sprint and T-Mobile have said the combined company will keep a secondary headquarters on the campus, with its main operations in suburban Seattle.

The report provides the most detailed information so far on the recently completed sale of the 190-acre campus, which was built between 1998 and 2001 at a cost of about $700 million. Local government officials have appraised it at $342.5 million.

COMMENTS

Welcome to the new LJWorld.com. Our old commenting system has been replaced with Facebook Comments. There is no longer a separate username and password login step. If you are already signed into Facebook within your browser, you will be able to comment. If you do not have a Facebook account and do not wish to create one, you will not be able to comment on stories.