VeriSign Pays Twice Market Rate For Buildings

from the odd dept

We’ve talked a number of times about how the silicon valley office space bubble has popped, but apparently no one told that to VeriSign. They just paid $730/square foot to buy their office buildings, which is apparently about twice the market rate. Of course, it also gets them out of their lease. So, it does save them money, but probably not as much as they could have saved otherwise. They had a 10 year lease which would have cost them $400 million. Now, they’ll own the property outright for $285 million. However, if they could have bought the same property for $140 million, wouldn’t that have made a lot more sense?

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