AOL selling 4 office buildings, 2 land parcels

Print
Email
|

Associated Press

Posted on October 29, 2010 at 3:02 PM

NEW YORK (AP) — AOL Inc. is selling four office buildings and two undeveloped land parcels to CB Richard Ellis Realty Trust for $144.5 million.

The Internet company said Friday that the sale is part of its turnaround strategy, which includes selling non-core assets.

AOL is in the midst of a turnaround effort under CEO Tim Armstrong, a former Google Inc. executive who is trying to shift AOL from relying on a shrinking dial-up Internet business to finding growth in online ad sales.

The approximately 22 acres of land are on the east side of AOL's Dulles, Va., campus in Pacific Corporate Park.

"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, executive vice president, chief financial and administrative officer, said in a statement.

The four office buildings no longer in use have a combined total of about 700,000 rental square feet. The buildings are fully leased, with most of the space leased to a single tenant for 10 years.

The sale is expected to close by mid-November.

Earlier this month speculation mounted that AOL might work with some other firms to potentially buy Yahoo Inc.

Print
Email
|