AT&T recently completed the sale of its Burien utilities building, located at 15020 Eighth Ave. SW., for $4.3 million. This transaction was part of a larger $850 million sale-leaseback deal between AT&T and Reign Capital.
According to reports from the Puget Sound Business Journal, the price for this property, which was built in 1952 and spans over 71,000 square feet, equates to approximately $60 per square foot. Interestingly enough, this particular building was the only property in Washington involved in this specific sale-leaseback agreement.
Michael Ford, head of global real estate at AT&T stated that “the uniquely structured deal unlocks value in otherwise stranded commercial real estate space.” He also mentioned that it provides both immediate and long-term benefits through a revenue sharing model that aligns with their company’s overall goals and transformation initiatives.
Overall,this recent transaction showcases how companies like AT&T are finding creative solutions to maximize value from their assets while still pursuing their broader business objectives.
