Verizon Relocates Corporate Headquarters to Lower Manhattan Celebrates Rededication of Landmark Building With Ceremonial Splicing of

Fiber-Optic Cable



    NEW YORK, Dec. 8 /PRNewswire/ -- Verizon officially relocated its
 corporate headquarters from 1095 Avenue of the Americas in Midtown to 140 West
 St. in Lower Manhattan in a ceremony held today.
     Gov. George E. Pataki, Mayor Michael R. Bloomberg, state Assembly Speaker
 Sheldon Silver and other city and state leaders joined Verizon Chairman and
 CEO Ivan Seidenberg and senior company executives to officially rededicate the
 landmark building, badly damaged in the September 11, 2001, attacks on the
 adjacent World Trade Center towers.
     In a twist on the usual ribbon-cutting ceremony, the officials used a
 high-tech machine to melt and splice thin strands of fiber-optic cable.  The
 event symbolized the repairs to the massive switching center also housed at
 140 West St., and Verizon's work to rebuild communications in lower Manhattan
 after the September 11 attacks.
     "Today we celebrate more than the rebirth of a landmark building," said
 Seidenberg. "We take a moment to recognize the resiliency that our employees
 share with all New Yorkers.  This painstakingly restored building and the
 people who work here reflect our dedication and commitment to this great
 city."
     The 32-floor structure is now home to about 1,500 Verizon executives and
 employees.  Built in 1926 as the original headquarters for New York Telephone,
 the building houses the principal offices for Verizon's senior leadership and
 board of directors, as well as for the company's domestic telecom unit serving
 customers in the Northeast. It will also serve as the headquarters for Verizon
 in New York.
     "Verizon's return to its newly restored historic headquarters, adjacent to
 the World Trade Center site, is another great sign of Lower Manhattan's
 rebirth," Gov. Pataki said.  "Last week we broke ground on Goldman Sachs' new
 world headquarters across the street, and today I am pleased to welcome
 Verizon and 1,500 employees back to their corporate headquarters and rightful
 home in Lower Manhattan.
     "With each commitment to downtown, we send a strong signal to the global
 business community that New York is still the financial capital of the world.
 Verizon joins over 75 other large companies and thousands of small businesses
 that have made a commitment to Lower Manhattan. It's this kind of renewed
 commitment that will help take Lower Manhattan into the future and further its
 transformation into a vibrant, 24x7 mixed-use community," the governor said.
     Mayor Bloomberg said, "Verizon is one of our best corporate citizens, and
 I am delighted the company decided to establish its corporate headquarters in
 Lower Manhattan and move 1,500 employees to this wonderfully restored
 building. On the heels of last week's groundbreaking for Goldman Sachs' new
 headquarters building just a block away, Verizon's move shows a strong vote of
 confidence in Lower Manhattan's remarkable recovery and the extraordinary
 progress we're seeing every day."
     Assembly Speaker Silver said, "I extend my heartfelt gratitude to Verizon
 for relocating its corporate headquarters here to 140 West St., and I
 congratulate Chairman Seidenberg on the reconstruction and restoration of this
 landmark building and survivor of the September 11 attacks. These actions are
 indicative of Verizon's boundless compassion, pride and patriotism, and an
 inspiring display of the commitment, vision and leadership that Lower
 Manhattan so desperately needs in order to remain the business and financial
 capital of the world."
     Thomas A. Dunne, Verizon vice president for public affairs in New York,
 said, "The re-opening of this grand old building symbolizes the resurgence of
 Lower Manhattan. Retaining our corporate headquarters in this city, and
 especially at this location, speaks volumes about our pride in working with
 and for our fellow New Yorkers."
     Verizon expects to continue to employ about 18,000 people in the five
 boroughs of the city, Dunne said.
     Designed by Ralph Walker, 140 West St. was one of the first art deco
 skyscrapers built in the city. Completed in 1926, the building defined the
 skyline of Lower Manhattan for many years and was designated as a city
 landmark in 1991.
     During the September 11 attacks, the former 7 World Trade Center building
 collapsed against the south and east sides of 140 West St. The building was
 riddled with gaping holes and filled with debris and water.
     Verizon spent four years carefully restoring the original architectural
 elements and upgrading the building's systems and amenities. The National
 Trust for Historic Preservation recently presented the company with its
 highest award in recognition of the restoration.
     Lee Brathwaite, Verizon vice president for corporate real estate, stressed
 that the work on 140 West St. was much more than a preservation effort. "This
 building is the cornerstone of our real estate portfolio," said Brathwaite.
 "We restored its original splendor, but just as importantly, we have
 modernized the infrastructure systems, including a state-of-the-art
 telecommunications network that serves a significant portion of Lower
 Manhattan."
     The new and improved West Street facility has an enhanced building fire-
 alarm system and fire-command station, a new fire-suppression system, 23
 modern passenger elevators, 70 new restrooms accessible to people with
 disabilities, an eight-megawatt emergency power unit, and a first-in-the
 nation 7RE digital switching center.
 
     Verizon Communications Inc. (NYSE:   VZ), a Dow 30 company, is a leader in
 delivering broadband and other communication innovations to wireline and
 wireless customers.  Verizon operates America's most reliable wireless
 network, serving 49.3 million customers nationwide, and one of the nation's
 premier wireline networks, serving home, business and wholesale customers in
 28 states.  Based in New York, Verizon has a diverse workforce of nearly
 215,000 and generates annual revenues of more than $71 billion from four
 business segments: Domestic Telecom, Domestic Wireless, Information Services
 and International.  For more information, visit www.verizon.com.
     VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches
 and biographies, media contacts, high quality video and images, and other
 information are available at Verizon's News Center on the World Wide Web at
 www.verizon.com/news.  To receive news releases by e-mail, visit the News
 Center and register for customized automatic delivery of Verizon news
 releases.
 
 

SOURCE Verizon
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