AOL sells part of Dulles campus to CB Richard Ellis
- October 29, 2010
AOL Inc. announced Friday it has agreed to sell four office buildings and an additional 22 acres of undeveloped land at its Dulles campus to CB Richard Ellis for $144.5 million.
The combined office space is about 700,000 rentable square feet in Pacific Corporate Park. AOL had left the buildings in early 2010. The buildings are 100 percent leased 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,” Artie Minson, AOL’s executive vice president and chief financial and administrative officer, said in a statement. “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.”
AOL has 1,800 employees on its Dulles campus and keeps two data centers in Virginia, one at its Dulles campus and one in Manassas
The deal is expected to close in mid-November.