BlackBerry Says Sale of Real Estate Nets $278M
BlackBerry today announced it has come to an agreement with Spear Street Capital, LLC to sell the bulk of its real estate holdings for about $278 million. BlackBerry announced its intent to sell its office space and surrounding properties in Waterloo, Canada, in January. According to BlackBerry, it will close on sales covering 80% of its properties by the end of this month, with the remaining 20% of properties scheduled to close during the third quarter. BlackBerry is selling more than 3 million square feet of office space - some of which it will lease back - as well as vacant lands. BlackBerry CEO John S. Chen has been on an aggressive push to reduce expenses while also finding a way forward for the ailing smartphone maker.
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