Telecom Lease Buyouts and Aggregation: Insights from the 2025 Connect (X) Conference
At Connect (X) 2025, one of the most dynamic and forward-looking discussions centered on how telecom lease buyouts and aggregation are transforming the landscape of wireless infrastructure. Moderated by Rick Prentiss, Managing Director at Raymond James, the panel brought together leaders across telecom real estate: Bernard Borghei, CEO of Symphony Towers Infrastructure; Graeme Kavanagh, Partner and CRO of Accelerate; and David Moore, CEO of NAI Global Wireless.
As carriers rush to densify their networks to meet the demands of 5G and future technologies, the industry faces a growing challenge: how to scale quickly without sacrificing long-term flexibility or control. The panel explored how lease buyouts and aggregation, once considered niche financial tools, are now critical strategies in enabling smarter, faster infrastructure deployment.
Borghei, drawing from over 30 years of experience, framed the discussion around how the scope of telecom infrastructure is rapidly expanding beyond traditional towers.
“It’s not just a rooftop business. It could be leases under edge data centers, in-building systems, even underground easements. Anything telecom-related that has a real estate aspect to it can be part of this business model.”
The panel agreed that lease aggregation can unlock real value for both carriers and property owners—but requires sophistication, transparency, and long-term alignment. Borghei emphasized the importance of underwriting assets with discipline:
“As long as you can underwrite it in your investment thesis, you can pursue it.”
He also reflected on the industry’s evolving mindset. What was once considered too strategic to outsource is now commonly being handled by specialized infrastructure partners.
“I remember 25 years ago when build-to-suit was first pitched—we said, ‘We’re not going to let someone else build our towers.’ Now that model is widely accepted.”
This shift reflects a broader industry maturity and opens the door for companies like Symphony Towers to create win-win outcomes for both telecom operators and real estate owners.
The discussion also touched on landlord education, the importance of flexible deal structures, and the need to future-proof both assets and contracts.
The panel delivered a clear message: aggregation is no longer just about financial engineering—it’s a strategic lever for smarter network growth, and Symphony Towers is positioned to play a pivotal role in shaping this next phase of telecom infrastructure.
