PBC strikes sale-leaseback with Workflow Management (Nasdaq: WORK, $5.73)

August 2, 2001

Printing and office supplies firm Workflow Management said Tuesday it had raised $6.7 million through a “sale-leaseback of five buildings totaling 427,000 square feet. The real estate transaction lets Workflow sell the properties but continue to occupy them as a tenant. The new owner is Palm Beach Capital Partners, which paid $9.1 million for the buildings in Pennsylvania, New Jersey, Virginia and Quebec.

Workflow nets $6.7 million after taxes and fees. The money will reduce debt.

Palm Beach based Workflow (Nasdaq: WORK, $5.73) has 3,200 employees including 20 at its headquarter in Palm Beach.

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