Verizon, that ubiquitous telecom and wireless provider, is shedding the former WorldCom/MCI campus in Ashburn, VA, it’s owned for the past 10 years, but don’t expect any mass exodus for at least the next dozen years.
Verizon sold the 130-acre campus to a JV of Davidson Kempner Capital Management, a global hedge fund, and Herndon-based American Real Estate Partners, in a purchase/leaseback deal worth $212.5M. Verizon was represented by CBRE and Holland & Knight.
Verizon took ownership of the property when it acquired MCI/WorldCom in 2005 for $6.75B. The giant telecom will lease the entire 1.5M SF it currently occupies in 11 buildings for one year, and retain more than 1M SF for an additional 11 years.
The property sits on Loudoun County Parkway not far from the headquarters of the Washington football team. The entire property includes 12 interconnected buildings, a total of 1.9M SF of rentable office space, five parking garages, a central plant and lots of land for future development.
It's the second corporate HQ facility in Loudoun to find its way into the news this week. While Verizon closed on its deal, the current Raytheon campus in Dulles—which used to be part of AOL's massive campus—is now on the market after Chambers Street Properties locked in Raytheon until 2026.
