LegalZoom subsidiary sells Austin office property for $41M; 6-month leaseback

LEGALZOOM.COM, INC.

Sale price of $41M cash for 9900 Spectrum Drive, Austin, TX; Seller retains partial use via 6-month leaseback.
Buyer deposits $835K earnest money within 5 business days; forfeited as liquidated damages if buyer defaults.
Buyer has due diligence period until Nov 22, 2023; failure to approve terminates deal with earnest money returned.
Closing expected 30 days after buyer's approval notice, subject to customary conditions and extensions.
Agreement includes standard reps, warranties, indemnification; full text to be filed in Q3 2023 10-Q.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LEGALZOOM.COM, INC. entered into Agreement with Trinity Foundation RE Venture, LLC valued at $41,000,000 (effective 2023-10-11).

Action: entry
Agreement: asset purchase
Counterparty: Trinity Foundation RE Venture, LLC
Value: $41,000,000
Effective: 2023-10-11

Exact text from the filing

On October 11, 2023 (the “Effective Date”), LegalZoom.com, Inc.’s (“LegalZoom”) wholly owned subsidiary, 9900 Spectrum LLC, a Texas limited liability company (“Seller”), entered into a purchase agreement (the “Agreement”) with Trinity Foundation RE Venture, LLC (the “Buyer”) to sell on an “as is” basis Seller’s improved real property located at 9900 Spectrum Drive, Austin, Texas 78717 (the “Property”) for $41,000,000 in cash (the “Purchase Price”).

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LEGALZOOM.COM, INC. filing history →

Source: SEC EDGAR

accession 0001286139-23-000124

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