IRVING, TEXAS — Cushman & Wakefield represented Verizon Communications in a sale-leaseback transaction valued at $344 million for the 1.2 million-square-foot Verizon Hidden Ridge campus in Irving. The sale was made possible through a transfer of the property to Mesirow Financial, along with a lease agreement for a new 20-year term, which provided Verizon with $20 million worth of tenant improvement costs. Verizon subdivided the land with a portion being retained by the company for possible future development. Cushman & Wakefield acted as financial advisor and agent for Verizon in the transaction. Mesirow Realty Sale-Leaseback Inc., a division of Mesirow Financial, acquired the campus, which houses 2,800 full-time employees and contractors and is expected to increase to 3,500 by the end of the year. Verizon will continue to occupy the regional headquarters facility. The campus serves as the south-central market headquarters for Verizon. The Cushman & Wakefield investment banking team included Jim Jordan, David Wenk, Robert Elms, Mark Todrys, Maureen Kelly, Anthony Pasqual and Ben Lushing.
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