Three Million Square Feet: BlackBerry Reaches Deal to Sell ‘Vast Majority’ of Office Space and Land

BlackBerry has reached an agreement to sell a substantial majority of its real estate holdings in Canada.

As part of a plan the struggling company revealed earlier in the year to aid its balance sheet, BlackBerry says parties are acquiring three million square feet of space, including vacant lands, but won’t disclose the terms of the transaction until principal conditions are satisfied.

“The successful sale of property in Canada will help us move toward our goal of continued operational efficiency,” CEO John Chen said.

A few months ago BlackBerry agreed to sell five buildings and some land land to the University of Waterloo for $41 million.

The smartphone maker has also been laying off employees almost weekly for several months. Less than a week after laying off 120 employees in Waterloo, BlackBerry shut down its Ottawa Product Development Centre hardware group this week at a cost of nearly 100 more jobs.

“BlackBerry is working hard to return to profitability and we continue to optimize our resources to meet our mandatory operational targets,” the company said in a statement.