Dish Headquarters Sold for $26MTo Ergen Shell Company
More Charlie Ergen trickery. Protecting assets from EchoStar/Dish creditors before the house of cards all collapses under the weight of bankruptcy.
EchoStar to sell Littleton DISH Network office, then lease it back
EchoStar Corp., which merged with DISH Network earlier this year, is planning to sell its Littleton property and then lease it back.
The property, located just west of downtown Littleton at 5701 S. Santa Fe Dr., is set to be sold for $26.75 million to CONX Corp., according to a March 11 filing with the U.S. Securities and Exchange Commission.
CONX Corp. is a special-purpose acquisition company founded by EchoStar and DISH founder Charlie Ergen.
EchoStar Corp. plans to lease the property back for an initial term of 10 years with a base rent of $228,500 per month during the first year, with that rate to increase 2% annually, according to the filing. There will be two five-year renewal options.
The parties anticipate the transaction will close in the second quarter of this year.
EchoStar’s 2023 year-end financial results showed an approximately 8.6% decrease in total revenue compared to 2022, and DISH Network, a wholly-owned subsidiary of EchoStar Corp., has laid off more than 700 Colorado employees since November.
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March 20, 2024
Littleton Dish HQ sells for $26M, leased back
Conx Buys Littleton Dish Network HQ
The former Dish Network headquarters building in Littleton, Colorado has been bought by Conx Corp. for $26.75 million. Conx is a SPAC set up to acquire wireless services.
Conx’s purchase price for the 105,780-square-foot office building and land is a 25% discount from what they sold for in February. EchoStar acquired the property from Dish last month, paying $36 million. The two companies recently merged.
The parties also agreed to a form of sale lease-back agreement, in which the seller will lease back the property from Conx. The agreement provides for an initial term of 10 years, a base rent payable during the first year of the initial term of $228,500 per month, which will escalate annually at a rate of 2% annually, and two five-year renewal options for the seller. All of seller’s obligations under the lease will be guaranteed by Dish Network.