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Verizon slims down, delighting developers

It has sold over US$1b in buildings whose use are then converted

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Fortress-like towers: For developers eager to shoulder their way into prime neighbourhoods, Verizon's sites can often provide a way of sidestepping restrictive zoning rules. - PHOTO: BLOOMBERG

[NEW YORK] In the merry-go-round of redevelopment projects in New York - where office buildings turn into apartment houses, and factories into offices, and so on - a utility company has become a timely and reliable source of real estate. Verizon Communications, the telecoms giant, has over the