posted on May 27, 2011 00:27
Verizon is moving more than 800 employees out of a six-story, 253,500-square-foot building at 919 Hidden Ridge Drive in Irving. The move already has started and will be completed during the summer, according to real estate sources.
The company, a subsidiary of Verizon Communications, is consolidating its operations into its nearby Hidden Ridge corporate campus in Irving, said Bob Varettoni, a Verizon spokesman.
"This is part of a larger corporate effort to consolidate office space wherever practical in effort to reduce real estate expenses," Varettoni said.
Verizon has no specific time frame for the move, he said, adding, "The phases for this move will stretch out over the coming months, depending on a number of factors. It could be beneficial to all parties that this occur by year-end, or it may extend beyond then."
Most of the employees at 919 Hidden Ridge are in Verizon's information technology department.
Verizon Corporate Services Group Inc. — a subsidiary of Verizon Communications — office from the site.
Grubb and Ellis' Lee Wagner and Sam Hocker are representing the landlord for the Hidden Ridge building. It was built in 1998 and has been fully occupied by Verizon. The Class A office building will be placed on the market. It sits on six acres across from Verizon's Texas-based corporate campus at 600 and 700 Hidden Ridge.
Verizon's lease at 919 Hidden Ridge was set to expire in 2013. The building will either be subleased or leased to another tenant.
The building is owned by Georgia-based Wells Real Estate Investment Trust II Inc.
5/18/11, Candace Carlisle, Dallas Business Journal