Phone Companies Shed Surplus Real Estate by skyline construction bangalore

Old-school telephone companies are wrestling with a dilemma their younger rivals would love to have: what to do with all that real estate.

Buildings accumulated over decades, from windowless and fortresslike switching centers built to handle landline gear to modern warehouses filled with web servers, are up for sale after their telecom owners decided to focus on wireless services.

 

skyline construction bangalore1

Some spaces “were purpose-built to be telephone buildings,” said John Vazquez, head of global real estate at Verizon Communications Inc. “They were never intended to be anything else.” In addition to unloading older facilities, Verizon is considering placing its newer data center businesses on the block.

Mr. Vazquez’s department is taking different approaches to the 114 million square feet of office and equipment space it oversees. Older telephone buildings, which often occupy prime real estate in the Northeast, often go to condominium developers. Newer data center buildings designed for computers, not telephones, are being shopped to prospective telecom and private equity investors.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s