Verizon Sells Dallas-Area Campus for $344M

Verizon sold its one-million-square-foot office campus in Irving, TX to Chicago-based Mesirow Financial. The telecom giant came away from the deal with $344 million, and a 20-year rental agreement to stay at the Dallas suburban location.

The 51-acre campus, at 600-700 Hidden Ridge, was built in 1991, and is Verizon’s South Central Market headquarters. More than 2,800 Verizon employees work in the complex, and the company plans to increase the job number to 3,500 by year end.

“This transaction provides our company with immediate financial benefits . . .,” said Verizon’s John M. Vazquez. “The extension of our tenancy through a sale and restructured lease affirms the value we see of having located in such a dynamic area for so many years.”

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