AOL said that it has entered into an agreement for the sale of four office buildings it no longer utilizes and two undeveloped parcels of land on the East side of its Dulles campus to CB Richard Ellis Realty Trust for $144.5 million. As of Oct ’29, pro forma for the sale AOL has approximately $750 million of cash on hand.
The combined total office space is approx 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. The buildings are 100% leased, with a majority of the space leased to one tenant for a 10-year term.
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.