RICHARDSON, TX-Nortel Networks Inc., in the midst of sizable layoffs, has cut a $47-million sale leaseback deal with New York City-based W.P. Carey & Co. Executives on both sides of the deal were unavailable to answer questions by press time.

A W.P. Carey press release says Nortel has signed a 15-year, bond-type net lease for the 282,000-sf, class A building in Richardson’s Telecom Corridor. Eastdil Realty Co. and Fischer Co. in Dallas represented Nortel in the talks.

Carey used its Corporate Property Associates 14 Inc. entity to secure title to the structure. The entity is dedicated to single-tenant commercial properties, typically carrying long-term, triple-net leases. Under the terms, the tenant is responsible for property maintenance, insurance and real estate taxes. As of Sept. 30, the buyer’s portfolio consisted of 87 properties leased to 50 tenants in the US and Europe.

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