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On behalf of AT&T Inc., JLL is pleased to offer the fee-simple sale and partial leaseback of 8372 E. Broad Street in Reynoldsburg, OH (the “Property”). Upon closing, AT&T Services, Inc. (the “Tenant”) will leaseback the entirety of the Property’s separately contained data center (63,000 SF) for an initial five-year lease term on an absolute triple net basis, providing 80,000 SF of move-in ready office space vacant and available upon close. AT&T is globally recognized as the worldwide provider of IP-based communication services and ranked 11th on Fortune’s Top 500.
Situated 12 miles east of Downtown Columbus, this 143,000 square foot office and data center asset rests on an expansive 16.8-acre site (19.6% site coverage) and has been owned and operated by AT&T for decades while maintained in excellent condition. The office component was renovated in 2015/2017 and contains high-end finishes. The data center contains core AT&T operations with 1.92 MW of power, critical to their communication-based business. Comprising two (2) freestanding buildings interconnected by an enclosed corridor, the office and data center each enjoy dedicated access and ample parking catering to multiple future tenants.
High-Growth Columbus and Reynoldsburg Markets
The Property is located within minutes of the Columbus CBD, creating an attractive corporate location adjacent to Highway 16 with direct access to Columbus International Airport just seven miles west. The site immediately to the north has been the long-time home of TS Tech’s U.S. Corporate Offices and Research & Development site. Occupying the facility since 1995, TS Tech specializes in manufacturing of automobile seats. Directly across Highway 16 is an expansive 2 million square foot campus home to Victoria Secret’s World Headquarters and Bath & Body Works’ major distribution hub. Recently, local developer CASTO Development purchased the parcels immediately west, north and south of the Property with plans for a massive 200-unit multi-family development.
Leading Investment-Grade Tenancy
Globally recognized as the worldwide provider of IP-based communication services with 183 million wireless subscribers, AT&T is ranked 11 on Fortune’s Top 500 and currently holds a credit rating of BBB (S&P) with a “stable” outlook. As of TTM-Sept ’21, AT&T posted revenues and EBITDA of $174 and $53 billion (31% margin), respectively.
Optimal Absolute NNN Lease with Guaranteed Cash Flow
AT&T will commit to a five-year absolute triple net lease with 2.50% annual escalations and no landlord responsibilities, providing guaranteed growing cash flow while future ownership deploys occupancy initiatives for the renovated office space. AT&T’s lease will include two (2), two-year renewal options with 2.50% annual rent escalations, offering an attractive hedge against inflation.
Superior & Proven Connectivity
Redundant 1.92 MW of power boasting ample fiber network connectivity including long haul network connections with leading providers including Windstream, Zayo, CenturyLink, WOW!, Cologix, and more.
Institutionally Maintained Facility
The Property has been operated by AT&T for decades, all the while maintained to institutional quality standards with high interior finishes. Offering easily demisable spaces with access to each, new ownership is poised to benefit from move-in ready office space, while the data center continues to be improved and maintained by AT&T throughout its contractual lease term.