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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