Verizon has inked a lease that will give it a new headquarters in Manhattan — inside the PENN District.
The telecommunications giants will take more than 195,000 square feet at Vornado Realty Trust's PENN 2 mixed-use office building that recently underwent renovation. Verizon will occupy multiple floors at the building and get exclusive access to 25,000 square feet of outdoor space in the Bustle area, a newly developed component that stretches from 31st to 33rd Street along Seventh Avenue. The deal will house roughly 1,000 corporate Verizon employees.
For Verizon, this will mark another chapter in New York City. Through all five boroughs, the mobile carrier operates over 400 retail locations, while employing more than 6,000 in the metro area.
Currently, the company has partnerships with local professional sports teams, including the New York Rangers, New York Islanders, New York Knicks, New York Jets, New York Giants and New York City Football Club, Verizon said it plans on enhancing its fan experience by providing its customers with exclusive access to events at nearby venues such as Radio City Music Hall, Beacon Theatre and Madison Square Garden.
Additionally, Verizon is scheduled to open a new flagship store on Seventh Avenue.
PENN 2 features a triple-height lobby, more than 73,000 square feet of outdoor tenant space and a town hall area that holds 280 people for events. Plus, multiple food and beverage options can be found in the 1.62 million square foot building. Two other major tenants that operate their headquarters at PENN 2 include Madison Square Garden and Major League Soccer. Also, Vornado recently inked Dutch-based Universal Music Group to a 22-year lease for 336,000 square feet at the property. Verizon plans to move in starting next year.
“We are thrilled to welcome Verizon to the growing roster of world-renowned business, communications, technology, finance, and entertainment firms that have chosen THE PENN DISTRICT for their corporate homes,” Glen Weiss, executive vice president of office leasing and co-head of real estate for Vornado, said in a statement.
“Our reinvention of THE PENN DISTRICT has produced a vibrant gateway to New York’s new West Side and represents a new era of workplace thinking, where dynamic environments, unparalleled connectivity, and employee-focused design come together to inspire collaboration and innovation.”
Additionally, Verizon noted it will keep its corporate campuses in both Irving, Texas and Basking Ridge, New Jersey.
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