[WinStar Gains Access to Office Buildings Through Agreement With CIGNA Investments, Inc.]
Agreement Enables Installation of Rooftop Antennas to Provide Wireless Fiber(SM) Broadband Services to Building Tenants
NEW YORK--(BUSINESS WIRE)--May 21, 1998-- WINSTAR COMMUNICATIONS, INC. announced today it has signed a master agreement with CIGNA Investments, Inc., the investment subsidiary of CIGNA Corporation [NYSE:CI]. The agreement permits WinStar to deliver its Wireless Fiber(SM) service to buildings owned or managed by CIGNA. CIGNA's portfolio consists of 96 commercial office buildings located in various markets nationwide. WinStar intends to immediately install its wireless links in CIGNA buildings located in Chicago, IL; Washington, D.C.; Houston, TX; San Diego, CA and Irvine, CA.
''WinStar's Wireless Fiber(SM) technology is an integral part of CIGNA's program to transform these buildings into communications powerhouses that will give CIGNA's tenants the competitive advantage they need to compete in today's global economy,'' said Gabe Cole, President of the Boston-based RTE Group, who represented CIGNA in connection with this agreement to bring broadband connectivity to over 12 million square feet of rental space.
''We are pleased that the commercial real estate community, including major national ownership groups, property managers, consultants and real estate brokers, is recognizing the value added to their properties by advanced communications services,'' said Richard Uhl, president of WinStar for Buildings. WinStar's Wireless Fiber service provides high-speed digital connections through the airwaves rather than laying costly fiber-optic lines underground. The result is an advanced ''plug and go'' system that allows tenants immediate access to their choice of communications applications.
CIGNA Investment Management, the real estate investment arm of CIGNA Corporation, makes debt and equity real state investments on behalf of pension funds, foundations, and endowments and CIGNA Corporation on a national basis and currently manages $14 billion in commercial real estate assets.
RTE Group was established in 1993 and provides consultation services on telecommunications infrastructure and service requirements, as well as strategic positioning of property assets for more than a dozen clients nationwide. |
