NEWARK, N.J. - Verizon Communications announced today it will locate operations of its major business units and subsidiaries in Basking Ridge, N.J. 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. A tentative agreement to purchase the facility from current owner Pfizer was signed late yesterday afternoon. Terms were not disclosed.
The facility, situated in northern New Jersey, 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.
Verizon New Jersey President Dennis M. Bone welcomed today's announcement.
"I am delighted that New Jersey was chosen," he said. "The corporation conducted a thorough, rigorous review of all the options, and concluded that this was the best choice.
"The Basking Ridge facility is ideal for our needs. It gives us an opportunity to locate several critical business units under one roof. Its location allows us to gather key employees in a single location while at the same time moving the fewest number of employees and their families. This is the logical next step in our evolution as we focus on the growth areas of our business -- wireless and broadband."
Employees will be relocated to the facility from locations around the country, including several hundred Verizon Wireless employees who will move from current work locations in the nearby area.
While the facility will need numerous renovations and upgrades, it has technology infrastructure, such as cabling under the floors, already in place. It is anticipated that moves of employees to both the new New York headquarters and to Verizon Center could begin in the fourth quarter of 2005 and proceed through mid-2006.
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 www.verizon.com.