One man's problems are just another's fortune. Yipes Communications Inc. has acquired the rights to serve more than 3,500 office buildings nationwide from bankrupt company Broadband Office.
In conjunction with the Delaware court proceeding, Yipes has signed access agreements with nine major real estate entities who own or control more than half of Broadband Office's portfolio. The agreements were signed with CarrAmerica, Crescent Real Estate Equities Company, Duke Realty, Equity Office, Highwoods, Hines, Mack-Cali Realty Corp., Speiker Properties and TrizecHahn.
Yipes said it is also negotiating with nearly 20 additional major national and regional real estate entities.
The court's approval gives Yipes rights to serve hundreds of millions of square feet of office space in two dozen markets nationwide. About three-quarters of the portfolio is Class A office space and a majority of the buildings are in dense urban or near-urban areas.
Yipes agreed to pay $2 million in cash and $2.5 million in equity and forgive a $900,000 debtor-in-possession bridge loan that Yipes made to Broadband Office.