Cushman & Wakefield Closes $650.3M Deal on Verizon Campus in Basking Ridge
Cushman & Wakefield has closed a deal that will see Mesirow Financial of Chicago purchase the 1.4M SF Verizon Operations Center in Basking Ridge, NJ, for $650.3M. In the largest sale-leaseback transaction in suburban NJ history, Verizon will lease back the entire facility from Mesirow for a 20-year term. The campus serves as headquarters for Verizon Wireless and is home to a number of businesses under the Verizon Communications umbrella. Verizon has made significant upgrades since acquiring the facility in 2005 and has created a world-class HQ for the 3,900 employees that work there. C&W represented Verizon on the transaction, serving as financial adviser and exclusive placement agent.