In May, Seagate Technologies LLC listed for sale its 529,437-square-foot research and production facility that rests on 40.51 acres in Longmont. The property was purchased by Conscience Bay Company, and allowed the data storage company to lease the property back.
Seagate said via email that its intent was always to sell the property and lease it back. This would enable the company to access "capital for reinvestment into our business, strengthening our balance sheet, and increasing focus on our core competencies to drive growth. We are pleased to confirm the completion of the sale and lease back transaction,” said Greg Belloni, senior manager of corporate communications for Seagate.
Conscious Bay Company— with headquarters located at 929 Pearl St. in Boulder — was formed by two companies, Sag Harbor LLC and Sag Harbor Dirt LLC, according to Boulder County property records. Conscious Bay bought the property for a total of $101.5 million which was divided between the two companies; Sag Harbor LLC paid $99.5 million and Sag Harbor Dirt LLC paid $2 million.
Seagate also negotiated a deal to lease the property located at 389 Disc Dr. back for 10 years. It also has two additional five-year renewal options, Belloni said.
This reinforces “Seagate’s long-term commitment to our employees, suppliers, and customers in the area,” Belloni said.
