AOL Inc. has agreed to sell part of its large office complex known as Pacific Corporate Park in Northern Virginia for $144.5 million according to a Washington Post article. CB Richard Ellis will take ownership of four office buildings no longer utilized by aol and two undeveloped parcels of land on the Dulles campus. The combined total office space is approximately 700,000 rentable square feet in the four buildings; AOL vacated the building by early 2010 and the space is currently 100% leased with most of the space leased defense contractor Raytheon for a 10-year term.
"While the Dulles campus is an important part of AOL's future, we simply had no need to continue owning the additional space -- having already moved all of our talent in Dulles to one side of the campus," said Artie Minson, Executive Vice President and Chief Financial and Administrative Officer at AOL. "With a long-term lease in place it made sense for us to pursue a sale to realize maximum value of these assets and add significant cash to our balance sheet."
"We find this is an excellent location and very attractive set of resources with respect to the Northern Virginia market," said Phil Kianka, executive vice president and chief operating officer at CB Richard Ellis Realty Trust. The trust's parent company, CB Richard Ellis Group, represented AOL in the deal.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment