Verisign Enters Into Sale-Leaseback Deal
Posted by admin
which runs many of the Internet’s core systems, said Wednesday it has signed a deal to sell and lease back a portion of its Mountain View, Calif., headquarters.
VeriSign plans to sell about 159,000 square feet of its 290,000 square-foot headquarters to PR III Middlefield Road LLC for $49 million, according to a filing with the Securities and Exchange Commission. Following a due diligence review, PR III Middlefield can choose to cancel the sale for any or no reason.
Upon closing of the sale, which is expected later this month, VeriSign will enter into a separate leaseback agreement with PR III Middlefield, whereby VeriSign will rent the property for an initial term of 30 months for $12.5 million. VeriSign has the option to extend the lease for five years.
Tags: 5 million, core systems, due diligence, initial term, internet, middlefield road, mountain view, sale leaseback, securities and exchange, square feet, square foot headquarters, verisign
Leave a Reply