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Verizon Sells Suburban Operations Center

TAMPA, FL-The communications firm will remain in place at the building through 2010.

By Carl Cronan | Updated on October 29, 2009

TAMPA, FL-Verizon Communications Inc. has sold a 57,886-square-foot office building in suburban Temple Terrace for $2.6 million, or $45 per square foot, and will continue to occupy it through 2010. Locally based Franklin Property & Development Group acquired the windowless two-story structure in a sale-leaseback transaction.

Rick Brugge, associate director of Cushman & Wakefield’s Capital Markets Group in Tampa, says the deal was accretive to both the seller and buyer. While Verizon has agreed to remain in the building, the new owner will need to find another suitable tenant after next year, he says.

“This is a building that they wanted to exit, but they just wanted some time,” Brugge tells GlobeSt.com. The building, which opened in 1972 and is located near the University of South Florida campus, will serve well as a call center or data center once Verizon leaves, he says.

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