This sale-leaseback transaction involving a suburban office campus in New Jersey was completed at $464 per square foot, the highest /SF price of any suburban sale-leaseback transaction in the United States. The article goes on to say that AT&T sold the property in 2002 for $142 /SF but that Verizon made “a significant investment to extensively upgrade and create a world-class headquarters”. $322 /SF is a lot of upgrading in my book. I hope for Mesirow Realty’s (the buyer) sake that Verizon also added a few hundred thousand square feet of usable space. C&W Arranges Major Verizon NJ Sale-Leaseback Deal | Commercial Property Executive.
