Curios to hear which offices/centers if any are closing or moving within the next 24 months.
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Definitely not SSIM. Gotta have somewhere to sit all day.
@pxw+1htCE1hx any mention of 2270 lakeside in Richardson?
10 dirty floors & furniture & equipment were sold off from Middletown NJ
What a nightmare! Should have been proactive selling all buildings. Now there are fewer buyers at depressed prices. How much debt would be reduced if they sell off all buildings? No where near $150B!
It's hard to say because we've yet to hear a coherent strategy that is consistent. First it was hub cities, then it was regional, then it was don't come to an office, and then come to an office. Someone in corporate real estate once told me there are so many mixed messages that they don't know which way is up or down.
Bedminster is almost entirely closed already.
5707 Southwest Pkwy, Austin TX
2180 Lake, Atlanta GA
Lenox Park, Atlanta GA
3400 Plano, Dallas TX (labs no impact, rest move Downtown drop in space)
2180 N Glenville, Richardson TX (move downtown)
4331 Communication, Dallas TX
just a small sample of what was listed........
It appears that most all the T leases are being reduced to right size drop in space based on actual HC that has been showing up. At some point, I would image all major cities would just have one single site for drop in.
Home offices are closing.
ALL real estate is up for sale with the option to lease back for ATT use! The goal is to pay down as much debt as possible. If it has to shed its assets through fire sale, then that's what it will do in order to get the debt under control. The company is doing well enough achieving goals, but it's the debt that is the albatross around its neck of T.
Leased ones whose leases expire will be candidates for real estate consolidation, along with any owned real estate that they can find a buyer for.