AOL Sells Buildings To CB Richard Ellis Realty Trust For $144.5 Million Cash

Amit Chowdhry — Fri, 29 Oct 2010 20:07:40 +0000

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.

[TechCrunch]

AOL Hires Artie Minson As The New CFO

Amit Chowdhry — Thu, 27 Aug 2009 16:23:04 +0000

AOL has a new Chief Financial Officer. His name is Artie Minson and he was a previous EVP and Deputy CFO at Time Warner. Before Time Warner, Minson worked at AOL in a Corporate Finance and Development position.

“Artie’s strong financial acumen, operating experience, and deep understanding of our company and the Internet and content industries make him a perfect fit for AOL,” stated AOL CEO Tim Armstrong. “He’s also a public company veteran who helped handle Time Warner Cable’s transition to a public company. Artie will hit the ground running and be a tremendous asset to AOL as we focus on driving growth, value and innovation.”

Minson has an Accounting B.S. degree from Georgetown University and an MBA from Columbia Business School.

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AOL Sells Buildings To CB Richard Ellis Realty Trust For $144.5 Million Cash

AOL Hires Artie Minson As The New CFO