AT&T said on Friday it has secured $850 million through the sale-leaseback of its underused central office facilities that house its legacy copper networks to real estate development firm Reign Capital.

As part of its legacy network transformation, AT&T has completed a structured sale-leaseback of underutilized central office facilities with private real estate development firm Reign Capital. The transaction,

Pioneering transaction monetizes properties with development potential, reduces operating expenses, and provides revenue sharing

The telecommunications giant sold 74 outdated properties while retaining control over any redevelopment plans.

DALLAS - AT&T Inc. (NYSE:T) has completed a significant real estate transaction, transferring 74 of its underutilized properties to Reign Capital, a private development firm. The deal, which closed on January 8,