Citrix Seals $37M Deal on Fort Lauderdale HQ, Secures Lease-Back Agreement

Citrix Systems, a cloud computing company, has sold its headquarters in Fort Lauderdale, Florida. Despite the sale, the company plans to remain in the same location for over two decades through a lease-back agreement.

Buyer and Property Details

The buyer of the property is linked to Maksim “Max” Slyusarchuk, the CEO of A&D Mortgage and Imperial Fund. The two-building complex spans 339,241 square feet and includes a nine-story structure completed in 1987, as well as a six-story building from 2001. The buyer secured a $29.6 million loan from First Horizon Bank for the acquisition.

Decline in Property Value

The property was sold for $37 million, reflecting a significant 37 percent drop in value compared to when Selco Service Corporation bought it for $58 million in 2002. Citrix acquired the property in 2014, although the purchase price was not disclosed.

Lease-Back Agreement and Citrix Struggles

Citrix has signed a lease-back deal, allowing the company to stay until 2036, with options for two five-year extensions. The sale comes amid Citrix's ongoing challenges. In 2021, the company went private in a $16.5 billion deal led by Elliott Management and Vista Equity Partners. Earlier this year, its parent company, Cloud Software Group, laid off 12 percent of its workforce.

No Immediate Comments

Both Citrix and Maksim Slyusarchuk have not responded to inquiries regarding the transaction.