Why Verizon wants to be a landlord for start-ups

 

Source: Aaron Greg, Washington Post ( Paid Registration )

At telecommunications giant Verizon, massive buildings that used to be filled with bulky computers, copper cables and other gear are sitting vacant, as advances in fiber-optics and computers cut down on the need for equipment space. The shift has rendered more than 80 percent of the company’s real estate footprint obsolete, spurring a $2 billion sell-off in property.

Then someone in Verizon’s real estate department happened to take notice of the recent boom in co-working spaces, in which start-ups, freelancers and some larger companies pay to co-locate together in castoff office space or other underused buildings. The telephone company saw a connection.

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