Former ADT location sold for $11.25 million

SSN Staff  - 
Thursday, July 8, 2004

July 8, 2004

LAKEWOOD RANCH, Fla. - ADT Security Systems has sold a 101,312-square-foot building it formerly occupied to Osprey Management, a Sarasota-based real estate firm for $11.25 million.
ADT shut down operations at the call center in November 2003 and roughly 400 people found themselves unemployed. ADT said the closure stemmed from the estimated high cost of upgrading technology at the center to bring it in line with the its five other call centers.
ADT acquired the monitoring center in 2001 when parent company, Tyco International, purchased SecurityLink from Cambridge Protection Industries.
The sale of the building, which is located in the same complex as the soon-to-be-completed research and development center for Edwards Systems Technologies, was finalized at the end of June.