Monday, March 28, 2005

Verizon Acquires AT&T's Old Headquarters in New Jersey

Verizon Communications will locate operations of its major business units and subsidiaries in Basking Ridge, New Jersey. The operations center will house some 2,800 employees from New Jersey and around the country when fully occupied in about 18 months.

The facility, to be called Verizon Center, is a 1.3 million-square-foot complex of seven interconnected buildings on a 135-acre campus originally built and occupied by AT&T. The facility, which is being acquired from current owner Pfizer, will be home to the leadership teams of Verizon's Domestic Telecom and International units and selected corporate staff and support personnel.

Verizon Wireless, a subsidiary of Verizon Communications, will also be located at the center.

Separately, in a decision announced on Jan. 25, 2005, Verizon will move its corporate headquarters from 1095 Avenue of the Americas to 140 West St. in lower Manhattan. This location will also house the leadership team of Verizon-New York, which serves New York state customers.

  • In July 2002, AT&T sold its headquarters in Basking Ridge, New Jersey to Pharmacia for $200 million.

  • In January 2005, SBC Communications agreed to acquire AT&T in an historic deal valued at approximately $16 billion


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