AT&T Sells 71K-SF Burien Utilities Building

AT&T has sold its Burien utilities building, a 71,448-square-foot property at 15020 Eighth Ave. SW., for $4.3 million.

The transaction was part of an $850 million sale-leaseback deal with AT&T and Reign Capital. The price for the Burien building, built in 1952, works out to approximately $60 per square foot, reported the Puget Sound Business Journal. The Burien building was the only property in Washington involved in the sale-leaseback deal.

“The uniquely structured deal unlocks value in otherwise stranded commercial real estate space,” said Michael Ford, head of global real estate, AT&T. “It’s a creative solution providing both upfront and long-term value through a revenue sharing model that fits with our broader company and transformation initiatives.”