"The sale-leaseback is part of a larger initiative AT&T hasunder way to manage our capital and redeploy our capital," acompany spokesman confirms for GlobeSt.com. "In the process, we arere-orienting our real estate assets. Through the acquisitions overthe years, AT&T owns a lot of real estate."

|

"We do have a long-term lease with options," the spokesman says,while declining to provide specifics of the lease. "The sale won'taffect our New Jersey operations. It won't change the function ofthe facility."

|

The site's primary function is as AT&T's global networkoperations center, plus other administrative uses. It brieflyserved as AT&T's world headquarters prior to the company'sacquisition by Southwestern Bell and subsequent consolidation ofall HQ functions to San Antonio. At one time, the site was anoperations center and overflow location for AT&T's long-timetwo million-sf headquarters campus in nearby Basking Ridge beforethe company downsized and consolidated its HQ and administrativeoperations to the Bedminster location in 2002.

|

The new owner is MetLife's affiliate, Metropolitan Tower LifeInsurance Co. "The building was acquired as part of a 1031 exchangerelated to the company's late-2006 sale of Peter Cooper Village andStuyvesant Town in Manhattan," a MetLife spokesman tellsGlobeSt.com. "This is an extremely attractive asset in a greatlocation and it will serve as an important component of MetLife'sincreasingly diverse $8 billion real estate equity portfolio."

|

The transaction was arranged by Cushman & Wakefield. Brokersfor C&W, while confirming their participation in thesale-leaseback, declined further comment. As far as the propertyitself, the complex was completed in 1975 and last renovated in2000. The site is also said to have the potential for additionaldevelopment.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.