BOSTON - Verizon announced today that it plans to explore the sale its office building at 185 Franklin St. and relocate its 1,700 employees there to other downtown Boston locations.
"As part of our corporatewide strategy, Verizon continually reviews workspace needs and occupancy levels of buildings we own," said Lee Brathwaite, vice president - real estate for Verizon. "In today's competitive telecommunications environment, it is particularly important that we make the most efficient use of our facilities."
Brathwaite pointed to the sale of Verizon's headquarters building at 1095 Avenue of the Americas in New York City in 2005 as an example of Verizon's ongoing effort to evaluate its real estate requirements across the country so that the company can maximize usage of its facilities, reduce operating expenses, and ensure that real estate assets effectively meet business needs.
The 18-story Franklin Street building was constructed in 1947 and has approximately 875,000 square feet of office space. The building houses a Verizon central office, and provisions would be made for Verizon to retain that space.
If the building is sold, the sale will include arrangements that will ensure a smooth transition of employees to nearby locations. No layoffs are associated with the prospective sale. Brathwaite said Verizon is committed to working in Boston and other areas of Massachusetts to offer more and better products and services to its customers.
Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving 60.7 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon has a diverse workforce of more than 238,000 and last year generated consolidated operating revenues of more than $88 billion. For more information, visit www.verizon.com.