Monday, April 4, 2005

Verizon to Sell Midtown NYC Building

Verizon announced a buyer for its 41-story headquarters building at 1095 Avenue of the Americas in NYC. Equity Office, the nation's largest publicly held office building owner and manager, will purchase for $505 million 1,030,000 square feet, or nearly 80% of the office tower, including approximately 30,000 square feet of retail space. Verizon New York would continue to occupy more than 200,000 square feet of the midtown Manhattan tower.

Verizon intends to relocate its world headquarters to its recently
renovated building at 140 West St. The 1926 landmark building, formerly the headquarters for New York Telephone, will ultimately house about 1,500 employees, including the principal offices for Verizon CEO and Chairman Ivan Seidenberg, along with his direct reports. Additionally Verizon's board offices will be located there, as will the leadership for the company's domestic telecom unit serving customers in the Northeast.

  • In March 2005, Verizon announced plans to acquire AT&T's old headquarters 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.


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