AOL Sells Buildings To CB Richard Ellis Realty Trust For $144.5 Million Cash
AOL, Inc. (NYSE:AOL) announced this morning that they have entered an agreement to sell four office buildings. CB Richard Ellis Realty Trust took over AOL’s corporate par for $144.5 million cash. This means that AOL will have $750 million in cash as of October 29th.
“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,” stated AOL EVP and Chief Financial and Administrative Officer Artie Minson.
CB Richard Ellis is buying about 700,000 rentable square feet between the four buildings through this acquisition. The four buildings are in an area called Pacific Corporate Park. AOL originally purchased the land in 1996 and they had vacated the office buildings in early 2010. AOL has over 1,800 full-time employees in the Dulles campus.@amitchowdhry or on Google+ at +AmitChowdhry