CAPLEASE BUYS OFFICE BUILDING FOR $40.5M

THE WOODLANDS — CapLease Inc. has purchased a 175,000-square-foot, Class A office building, located at 1585 Sawdust Road in The Woodlands, for $40.5 million. The building is fully leased to credit-worthy tenants including Praxair Inc. and Dover Fluid Management, a subsidiary of Dover Corp. CapLease is anticipating to close on a 10-year, $22 million non-recourse mortgage loan with a 30-year amortization schedule in the next few weeks.