Idaho governor C.L. “Butch” Otter said Thursday that his administration is planning to negotiate with HP Inc. to buy the HP’s sprawling Boise, Idaho, campus for about $110 million, plus an extra $16 million for renovations.
The campus includes eight buildings with over 1,300,000 square feet of office space and 200,000 square feet of warehouse space. If the deal goes through, the state would lease back over half of the office space to HP for seven years, and take over the leases for other tenants, according to the Idaho state government.
The Idaho State Tax Commission and other state agencies would move into the campus after the deal’s close.
“We’ve been looking hard for the right place at the right price for our agencies, and the HP campus really fits the bill,” Otter said in a statement. “A great employer is reinforcing its commitment to Idaho and the State is saving money, so it’s a win-win.”
An HP spokesperson told Fortune that HP “plans to evaluate sale and lease-
back deals for the company’s Boise site,” but said that the company “will not disclose the details of the purchase deal.”
“This decision will ensure HP is able to maximize the value of its real estate investments and create future growth at the Boise campus,” the spokesperson said.