Verizon Wireless | Information Technology Facility



Property Description

This six level office facility consisting of 210,524 square feet of rentable area is fully leased to Cellco Partnership d/b/a Verizon Wireless through December 31, 2020. The tenant has fully-leased the property since 2000 when the joint-venture partnership between Verizon Communications (55%) and Vodafone (45%) as co-owners of Verizon Wireless was consummated; the company is rated ‘A-’ by Standard & Poor’s. The property is located in Warren, New Jersey within the Route 78 East Submarket, which is home to a number of multinational pharmaceutical and communications companies.

Business Essential Attributes

The property is a mission-critical facility for Verizon Wireless and serves as the primary location for the company’s programming staff, housing nearly 800 of the company’s information technology personnel, as well as Verizon Wireless’ Head of Information Technology. The importance of the facility is further evidenced by the high level of security at the property including a manned guard booth at the entrance of the site, secure access to the interior of the building, as well as numerous closed circuit cameras situated throughout the property. The need for a highly secure facility is driven by the cutting-edge programming and valuable intellectual property that is developed at the building.

Additional Property Information

The property was constructed in 1997 and includes a four-level parking structure, with the office and parking improvements occupying approximately 8 acres of the 32 acre site. The property is located less than seven miles from Verizon Wireless’s 1.1 million square foot headquarters campus in Basking Ridge, and is in close proximity to several other Verizon Wireless facilities in the immediate area. Verizon Wireless has invested a significant amount of its own capital into the property, including the addition of backup power generators, a fitness center, employee cafeteria and over-standard HVAC equipment. Verizon Communications is the majority owner of the Verizon Wireless Partnership, and has a 55% stake in the joint-venture with Vodafone Group.

Verizon Wireless | Information Technology Facility

Warren, New Jersey

PROPERTY AT A GLANCE

Property Type: Office
Square Footage: 210,524

Lease Expiration: December 31, 2020
Renewal Option(s):
Two 5-year renewal options at 95% of fair market rate
Rent Increase(s): $0.50 PSF per annum, which averages 1.75% pre annum
Tenant: Cellco Partnership, d/b/a Verizon Wireless
Website: www.verizonwireless.com
NYSE*: VZ

*Stock ticker symbol is for Verizon Wireless. The tenant is a joint-venture partnership between Verizon Wireless Communications (55%) and Vodafone (45%) as co-owners of Verizon Wireless.