AOL Sells Office Buildings And Land For $144.5 MillionBy: Mike Sachoff - October 29, 2010
AOL said today it is selling four of its office buildings it no longer uses and two undeveloped pieces of land on its Dulles, Virginia campus to CB Richard Ellis Realty Trust for $144.5 million.
AOL said as of today it has approximately $750 million of cash on hand.
“A part of AOL’s strategy during our turnaround has been to dispose of non-core assets,” said Artie Minson, Executive Vice President and Chief Financial and Administrative Officer.
“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. 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.”
The combined total office space is approximately 700,000 rentable square feet in the four buildings and is known as Pacific Corporate Park. The two parcels of undeveloped land, also in Pacific Corporate Park, total approximately 22 acres. AOL, which originally purchased the land located on the East side of its campus in 1996, had vacated these office buildings by early 2010.
AOL continues to have over 1,800 full-time employees on its Dulles campus in three office buildings. AOL also maintains two data centers in Virginia — one on its Dulles campus and one in Manassas.