Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]NEWARK, NJ-When Verizon New Jersey agreed to sell its headquarters building at 540 Broad St. to Accordia Realty Ventures in February, it was described as a precursor to the company’s move to another location out of town, supposedly in the suburbs. As part of the deal, Verizon NJ was to have stayed in the building for 18 months until a new location was found, while keeping a small executive presence at the site on a longer-term basis.

[IMGCAP(2)]In an apparent about-face, the telecom giant intends not only to remain at 540 Broad St. full-force, but also increase its on-site workforce by nearly 50%. According to a published report, Verizon NJ has signed a 10-year lease with Accordia for nearly half of the 20-story, 425,000-sf landmark art deco tower. The move calls for the company to keep the existing 650 staffers on-site while adding another 300, mostly sales positions.

“The deal is moving forward,” Joseph Romano, a partner of the Fairfield, NJ-based Accordia, tells GlobeSt.com, referring to the building sale. “But the terms of the deal have now been expanded.”

Romano confirms to GlobeSt.com that the pending lease involves, “in excess of 200,000 sf. We are still moving forward to finalizing the deal to acquire the building, and Verizon has re-affirmed its commitment to Newark. Everybody’s working in harmony on this. We had a lot of faith in the building.” A spokesman for Verizon NJ did not respond to a request for comment by deadline.

While the pending building sale still requires state BPU approval and must meet “other contingencies,” Accordia is moving forward with plans to spend millions of dollars on upgrades, notably the lobby and exterior, Romano confirms. As far as the rest of the building’s vacant space, amounting to about 200,000 sf, “leasing interest in the property is strong,” he says.

Verizon NJ put the building up for sale as part of a three-building portfolio this past summer. The sale price has not been disclosed, but industry sources with knowledge of the transaction put the number in the $35-million range. The other two buildings in the portfolio, a 210,000-sf switching and call center in Madison and a 30,000-sf call center in Scotch Plains, remain on the market.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.