Thread regarding AT&T layoffs

They been doing sell lease backs for over a decade. It is cash flow when you got nothing to sell.

Oof, the building in Grand Rapids is haunted

We are leasing back empty buildings rather than selling them. Another brilliant move. Probably couldn’t sell them outright due to the fact that none of the interiors have been updated since the 70s when they were built.

Unable to actually see the list without logging in to CoStar. The summary article only list the 1010 Pine Building.

Sigh..."While the list in text format is subscription only, the linked article has a nifty little interactive map that shows all of them. You can zoom in on the region of your choice and/or just hover over the pins to see the locations." JFC, some people are stupid.

The first thing the new landlord does is start charging for parking. Get ready..

“
If T be leasing back property den dah buildin not be clozin ya dig?”

Are you having a stroke while typing??? Do you need medical attention?

Unable to actually see the list without logging in to CoStar. The summary article only list the 1010 Pine Building.

Welp, my old building is on the list. Feel bad for those that remain - definitely not a good sign

I currently work in one of these properties. The lack of maintenance plus the critical equipment plus the asbestos will be a great learning curve for the new owners. I'm sure that this is a loser deal for AT&T though.

Miami also has a lot of sales/lease back sites.

Can’t wait for my CO building to be bought and leased back, anything will be an improvement for the restroom supplies and maybe get cleaned occasionally.

Hoffman Estates was sold at least 10 years ago for pennies on the dollar.

Yet they still call it the AT&T campus in so many articles.

I count 12 properties in the Chicago area. They need the space for illegals.

The new owner will lease out the unused space to the city of Chicago to house illegals and make bank off the local citizens who are being milked of their taxes while their communities are suffering.

Hoffman Estates was sold at least 10 years ago for pennies on the dollar.

Don't' know which property as T has a large presence in Chicago area. Maybe Hoffman Estates?

This is all part of the AT&T forward strategy. Own no assets, contract out 90% of labor requirements, maintain corporate jet aircraft and staffing.

A lot of the spaces are former operator and various offices spaces which are no longer needed and sitting vacant. Majority are multi-story buildings with a CO on one or two floors and the rest unused.

"It may have been a condition of the deal?"

I think you misread my post. The property ATT renovated was not owned by ATT, ever. Therefore, it is not part of any deal ATT has with Reign.

I wonder why we spent millions in Chicago renovating someone else's property into a call center instead of renovating one of the ATT owned properties?

It may have been a condition of the deal? T has worked with Reign before, and I think that was a smaller test-run for this larger deal. The reno by T would make Reign's turnaround time quicker and therefore make the deal more attractive and probably worth more if the properties were lease ready. "AT&T said it completed a similar deal with Reign in 2021, selling 13 properties totaling around 3 million sq ft (278,710 sqm). That deal generated more than $300m in upfront cash, with initial redevelopment revenue generation projected to begin in 2025. The 2021 deal included buildings in Milwaukee, Detroit, and Pittsburgh."
https://www.datacenterdynamics.com/en/news/att-signs-850m-sale-leaseback-deal-for-74-copper-network-central-offices/

I wonder why we spent millions in Chicago renovating someone else's property into a call center instead of renovating one of the ATT owned properties?

You're low quality. While the list in text format is subscription only, the linked article has a nifty little interactive map that shows all of them. You can zoom in on the region of your choice and/or just hover over the pins to see the locations. Heaviest concentration in Chicago and Miami areas. As far as size, " The largest property in the portfolio is the 584,000-square-foot structure at 1004-1010 Pine St. in St. Louis that was built in 1978 on a 1.2-acre lot, according to CoStar data."