Verizon in $650M Deal to Sell, Lease Back Basking Ridge Ops Center

BASKING RIDGE, NJ—In the largest sale-leaseback transaction ever completed in suburban New Jersey, Cushman & Wakefield arranged a $650.3 million transaction for the 1.4 million square foot Verizon operations center at 1 Verizon Way in Basking Ridge, NJ. The transaction underscores a broad and continuing trend among large companies with office real estate accumulated over decades that need less space and turn to sale-leaseback transactions to unlock the value of that property.

The facility, which employs approximately 3,900 full-time employees, was acquired by Mesirow Realty Sale-Leaseback, Inc., a division of Mesirow Financial, a diversified financial services firm headquartered in Chicago.