Monday, January 21, 2008

VeriSign Seeking Sale Leaseback of Silicon Valley HQ

Silicon Valley / San Jose Business Journal - January 21, 2008

VeriSign Inc. has put its Mountain View corporate headquarters up for sale. According to offering documents, VeriSign will entertain several purchase options, including the sale of the entire campus to a single buyer or the sale of its "North Buildings," to one party and the sale of its "South Buildings" to another.

The North Buildings consist of a 32,500 square-foot data center, two matching office buildings with a total of just less than 100,000 square-feet and a four-story parking garage with 454 stalls, all on nearly 11 acres. The South Buildings consist of two office buildings with nearly 160,000 square feet on 10.6 acres.

The company intends to lease back the offices in the second pool for the next 10 years but is guaranteeing that it will occupy the data center only through March 2013 and the two office buildings in the same pool only through March 2010.

Because the site is close to light rail, the site could be expanded with an additional 173,000 square feet of new office development.

VeriSign acquired the property from Cupertino's Sobrato Development Cos. in the second half of 2001 for approximately $885 a square foot, the largest commercial real estate transaction in the preceding year. The sale brought Sobrato more than twice as much per square foot as the next-largest sale in that time frame, according to Business Journal research.

VeriSign is in the security-services business for both data and voice networks. Sphere: Related Content

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