Verizon slims down, delighting developers
It has sold over US$1b in buildings whose use are then converted
[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 last few years been selling many of its buildings across the city, from humble garages to elegant Art Deco towers - and some windowless hulks considered eyesores.
Rapidly changing technology has significantly shrunk Verizon's space needs. Far less equipment is now needed to allow people to make calls, as customers continue to switch from landlines to cellphones, and that freed-up space, industry analysts say, is proving a boon for developers in an airtight market.
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