Dulles, Va. – Looking to add a sizable amount of cash to its
balance sheet, AOL (NYSE: AOL) said on Friday it will sell four office buildings it no
longer uses and two undeveloped parcels of land on the east side of its Dulles,
Va. campus to CB Richard Ellis Realty Trust for $144.5 million.
"A part of
AOL’s strategy during our turnaround has been to dispose of non-core assets,"
said Artie Minson, the company’s chief financial and administrative officer.
"While the Dulles campus is an important part of AOL’s future, 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."
The four buildings in
Pacific Corporate Park contain about 700,000 rentable square feet, while the
two parcels, also in the same park, total approximately 22 acres.
originally purchased the land located on the East side of its campus in 1996,
but vacated the buildings by early 2010.
AOL continues to have over 1,800
full-time employees in three buildings on its Dulles campus, and also maintains
data centers in Dulles and Manassas.