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Verizon's regional HQ in Irving has a new owner, though the telecom company will remain largely unaffected. Mesirow Financial acquired the 51-acre, 1M SF property. Verizon will lease back the building in full for a 20-year term with options to extend.
In the last 18 months, Mesirow has monetized $1B and 2.5M SF of real estate for Verizon across two transactions.
Mesirow plans to continue to acquire single-tenant properties nationwide, supported by its mezzanine and senior debt placement platforms, Mesirow CEO and chairman Richard Price says.
Mesirow senior managing directors Garry Cohen and Douglas Barker (above are Mesirow's Gerry Levin, Douglas and Garry), and partner Kawa Capital arranged for the purchase of the facility, which is valued at $344M. Acquisition financing was structured in collaboration with Mesirow Financial’s credit tenant lease and institutional sales and trading groups.
Mesirow senior managing director Stephen Jacobson says the CTL financing, together with last year’s Verizon operations center sale-leaseback, are among the largest non-government single asset credit tenant lease transactions ever consummated.
The Verizon team was led internally by SVP and head of real estate John Vazquez. Cushman & Wakefield EVP Robert Elms and executive director Jim Jordan repped Verizon.
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