Verizon Has Agreement to Sell Midtown NYC Building
April 05 2005 - 10:46AM
PR Newswire (US)
Verizon Has Agreement to Sell Midtown NYC Building Corporate
Headquarters to Relocate to Lower Manhattan NEW YORK, April 5
/PRNewswire/ -- Verizon New York Inc. announced today an agreement
to sell a condominium interest in its 41-story headquarters
building at 1095 Avenue of the Americas to Equity Office
(NYSE:EOP), the nation's largest publicly held office building
owner and manager. (Photo:
http://www.newscom.com/cgi-bin/prnh/20050405/NYTU107 ) EOP will
purchase for $505 million 1,030,000 square feet, or nearly 80
percent 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. The
agreement is subject to approval by the New York Public Service
Commission and the attorney general of New York. Verizon
Communications (NYSE:VZ), which currently occupies space in the
1095 building, plans to relocate its corporate headquarters to a
company-owned building at 140 West St. in lower Manhattan. Lee
Brathwaite, Verizon vice president for corporate real estate, said
the company is selling at a good time to a respected buyer:
"Verizon felt that this was a great opportunity for the company to
realize a return at a time when midtown property is highly valued.
As we considered a purchaser, we wanted to make sure we sold to a
first-class operation. Equity Office is considered one of the
premier real estate firms in the country, and Verizon has a
longstanding relationship with Equity Office." Verizon currently
leases about 400,000 square feet from EOP in 17 Verizon locations
corporatewide. At 1095 Avenue of the Americas, EOP plans to
renovate and lease as "Class A" office and retail space the portion
of the building it is acquiring. 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.
The company expects to continue to employ about 18,000 employees at
various locations in the city's five boroughs. "New York City is
home to millions of our customers and is the financial and economic
hub of the nation," said Paul Crotty, Verizon region president for
New York and Connecticut. "In addition to retaining our corporate
headquarters in the city, Verizon will continue to maintain a work
force and a community involvement consistent with the varied needs
of our customers and the diverse communities we serve." With more
than $71 billion in annual revenues, Verizon Communications Inc.
(NYSE:VZ) is one of the world's leading providers of communications
services. Verizon has a diverse work force of more than 210,000 in
four business units: Domestic Telecom serves customers based in 29
states with wireline telecommunications services, including
broadband and other services. Verizon Wireless owns and operates
the nation's most reliable wireless network, serving 43.8 million
voice and data customers across the United States. Information
Services operates directory publishing businesses and provides
electronic commerce services. International includes wireline and
wireless operations and investments, primarily in the Americas and
Europe. For more information, visit http://www.verizon.com/.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive
speeches and biographies, media contacts, high quality video and
images, and other information are available at Verizon's News
Center on the World Wide Web at http://www.verizon.com/news. To
receive news releases by e-mail, visit the News Center and register
for customized automatic delivery of Verizon news releases.
http://www.newscom.com/cgi-bin/prnh/20050405/NYTU107
http://photoarchive.ap.org/ DATASOURCE: Verizon CONTACT: Eric Rabe,
+1-212-395-0500, , or Lark-Marie Anton, +1-212-395-7602, , both of
Verizon Web site: http://www.verizon.com/
http://www.verizon.com/news Company News On-Call:
http://www.prnewswire.com/comp/094251.html
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