Verizon Announces New Headquarters at PENN 2 in Midtown Manhattan, Reinforcing Commitment to NYC

Verizon will establish a new headquarters in Manhattan for 1,000 employees, enhancing its commitment to NYC's economy and community.

Quiver AI Summary

Verizon has announced plans to relocate its headquarters to PENN 2, a new office tower in Midtown Manhattan, starting in 2026. The long-term lease covers over 195,000 square feet and will house around 1,000 corporate employees, enhancing collaboration and innovation within a modern workspace. With a new flagship retail store opening on nearby Seventh Avenue and over 400 retail locations across New York City, Verizon continues to be integral to the metropolitan area. The new headquarters offers strategic access to major transit lines and aligns with Verizon's longstanding commitment to New York, bolstering its partnerships in the sports and entertainment sectors. This move further establishes Verizon's presence and investment in the city's economic landscape.

Potential Positives

Verizon is investing in its future by relocating its headquarters to a new, state-of-the-art facility at PENN 2 in Midtown Manhattan, which underscores the company's commitment to innovation and collaboration.
The move consolidates approximately 1,000 corporate employees under one roof, promoting a cohesive work environment and operational efficiency.
Verizon’s designation as America's 'Most-Awarded Network for Quality' by J.D. Power and New York City's top-rated network by RootMetrics strengthens its brand reputation and market position.
The strategic location above Penn Station offers unparalleled convenience, enhancing employee access and potentially attracting top talent in a competitive job market.

Potential Negatives

The press release does not address any potential impacts or disruptions that the move to the new headquarters in Manhattan may have on employees or operations during the transition period.
There is no mention of plans to retain or support employees who may be affected by possible consolidation or changes in corporate structure post-move, which could raise concerns about job security.
While emphasizing the new headquarters as a commitment to New York City, the company continues to maintain major campuses in New Jersey and Texas, which may suggest a decentralized focus rather than a fully New York-centric operational model.

FAQ

When will Verizon's new headquarters open?

Verizon's new headquarters is set to open in 2026.

Where will the new headquarters be located?

The new headquarters will be at PENN 2 in the heart of Midtown Manhattan.

How many employees will work at the new headquarters?

Approximately 1,000 corporate employees will work at the new headquarters.

What is the size of the office space Verizon will occupy?

Verizon will occupy more than 195,000 square feet of office space across multiple floors.

What new retail opportunity is Verizon planning?

A new flagship retail store will open on Seventh Avenue, supporting Verizon's presence in NYC.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$VZ Congressional Stock Trading

Members of Congress have traded $VZ stock 4 times in the past 6 months. Of those trades, 1 have been purchases and 3 have been sales.

Here’s a breakdown of recent trading of $VZ stock by members of Congress over the last 6 months:

REPRESENTATIVE JEFFERSON SHREVE sold up to $50,000 on 05/12.
REPRESENTATIVE DAN NEWHOUSE sold up to $15,000 on 04/11.
REPRESENTATIVE ROBERT BRESNAHAN purchased up to $50,000 on 04/08.
REPRESENTATIVE JULIE JOHNSON sold up to $15,000 on 04/01.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$VZ Insider Trading Activity

$VZ insiders have traded $VZ stock on the open market 13 times in the past 6 months. Of those trades, 0 have been purchases and 13 have been sales.

Here’s a breakdown of recent trading of $VZ stock by insiders over the last 6 months:

KYLE MALADY (EVP and Group CEO-VZ Business) has made 0 purchases and 11 sales selling 107,175 shares for an estimated $4,461,186.
VANDANA VENKATESH (EVP-PubPol&ChiefLegalOfficer) has made 0 purchases and 2 sales selling 10,000 shares for an estimated $437,938.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$VZ Hedge Fund Activity

We have seen 1,484 institutional investors add shares of $VZ stock to their portfolio, and 1,419 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

GQG PARTNERS LLC added 37,516,167 shares (+303.9%) to their portfolio in Q1 2025, for an estimated $1,701,733,335
FMR LLC added 14,873,284 shares (+52.2%) to their portfolio in Q1 2025, for an estimated $674,652,162
STATE STREET CORP added 14,052,011 shares (+7.4%) to their portfolio in Q1 2025, for an estimated $637,399,218
PARNASSUS INVESTMENTS, LLC removed 13,308,721 shares (-80.1%) from their portfolio in Q1 2025, for an estimated $603,683,584
PACER ADVISORS, INC. added 10,300,369 shares (+737.5%) to their portfolio in Q1 2025, for an estimated $467,224,737
BLACKROCK, INC. added 8,618,085 shares (+2.5%) to their portfolio in Q1 2025, for an estimated $390,916,335
JPMORGAN CHASE & CO added 7,622,100 shares (+24.1%) to their portfolio in Q1 2025, for an estimated $345,738,456

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$VZ Analyst Ratings

Wall Street analysts have issued reports on $VZ in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Tigress Financial issued a "Buy" rating on 04/28/2025
Oppenheimer issued a "Outperform" rating on 04/01/2025

To track analyst ratings and price targets for $VZ, check out Quiver Quantitative's $VZ forecast page.

$VZ Price Targets

Multiple analysts have issued price targets for $VZ recently. We have seen 8 analysts offer price targets for $VZ in the last 6 months, with a median target of $49.0.

Here are some recent targets:

Michael Funk from B of A Securities set a target price of $49.0 on 07/22/2025
Philip Cusick from JP Morgan set a target price of $49.0 on 07/22/2025
Benjamin Swinburne from Morgan Stanley set a target price of $48.0 on 07/22/2025
Jonathan Atkin from RBC Capital set a target price of $46.0 on 07/22/2025
Eric Luebchow from Wells Fargo set a target price of $43.0 on 07/10/2025
Ivan Feinseth from Tigress Financial set a target price of $56.0 on 04/28/2025
Maher Yaghi from Scotiabank set a target price of $49.0 on 04/23/2025

Full Release

Key Highlights:

The new headquarters will serve as the hub for approximately 1,000 corporate employees beginning in 2026
Verizon signed a long-term lease to occupy more than 195,000 square feet of premier office space across multiple floors
New flagship retail store to open on nearby Seventh Avenue
Verizon has more than 400 retail locations across all five boroughs, as well as administrative offices, technical locations and garage centers operated by nearly 6,000 Verizon employees in the NYC metro area
America’s ‘Most-Awarded Network for Quality’ by J.D. Power ¹ and New York City’s #1 ‘Best, Most Reliable and Fastest Network’ by RootMetrics ² relocates to THE PENN DISTRICT

NEW YORK, July 28, 2025 (GLOBE NEWSWIRE) -- Verizon (NYSE, Nasdaq: VZ), born and bred in New York City, today announced it will open its new Manhattan headquarters at PENN 2, Vornado Realty Trust’s reimagined office tower in THE PENN DISTRICT in the heart of Midtown Manhattan. This move marks a bold step in Verizon’s ongoing commitment to the city that shaped it – fueling economic growth and deepening its roots in the community it has always called home. In addition to PENN 2, Verizon will continue to maintain two major corporate campuses in Basking Ridge, New Jersey, and Irving, Texas, as well as operate additional offices across the U.S. and internationally.

“New York City isn’t just where we work – it’s who we are,” said Sam Hammock, EVP and Chief Human Resources Officer, Verizon. “Our employees deserve a workplace that is just as vibrant as our culture. PENN 2 is more than an office. It’s a space designed to bring us together – to collaborate, to celebrate, to think boldly and to build the future side-by-side. New York has played a central role in Verizon’s story, and there’s no better place to create our next chapter. As the network New Yorkers trust, we’re proud to invest in the city that’s always inspired us.”

For 25 years, Verizon has been the backbone of New York City, keeping New Yorkers connected, moving and safe by delivering mission-critical connectivity to New York City public safety agencies and tens of thousands of small businesses across all five boroughs. With more than 400 retail locations citywide, a new flagship retail store opening on Seventh Avenue, and growing Fios availability, Verizon remains at the heart of daily life in the city. The move to PENN 2 will bring approximately 1,000 corporate employees together under one roof, providing the ideal environment for innovation and collaboration.

Verizon is also a cornerstone of New York City's sports and entertainment landscape. Existing partnerships with the Giants, Jets, Knicks, Rangers, Islanders and New York City Football Club underscore Verizon's unparalleled commitment to NYC. As the new Official Mobile Wireless Partner across Madison Square Garden’s iconic portfolio, Verizon will deliver an enhanced fan experience, offering Verizon customers exclusive access to events at premier venues including Madison Square Garden, Radio City Music Hall and Beacon Theatre.

During the term of the lease, Verizon will occupy more than 195,000 square feet of premier office space across multiple floors, with exclusive access to more than 25,000 square feet of outdoor space within The Bustle. Located directly above Penn Station at the crossroads of Midtown, PENN 2 offers unmatched convenience for employees, with direct access to 15 subway lines, the Long Island Railroad, New Jersey Transit, PATH, Amtrak, and soon Metro-North–making it easier than ever for teams to connect and collaborate from across the region. This location will support employees’ best work and places Verizon at the heart of the city’s economic energy and innovation.

“We are thrilled to welcome Verizon to the growing roster of world-renowned business, communications, technology, finance, and entertainment firms that have chosen THE PENN DISTRICT for their corporate homes,” said Glen Weiss, Executive Vice President - Office Leasing and Co-Head of Real Estate for Vornado Realty Trust. “Our reinvention of THE PENN DISTRICT has produced a vibrant gateway to New York’s new West Side and represents a new era of workplace thinking, where dynamic environments, unparalleled connectivity, and employee-focused design come together to inspire collaboration and innovation.”

Verizon will join other flagship tenants at PENN2, including Madison Square Garden and Major League Soccer, completing a new cultural and business epicenter in Midtown. The campus offers access to premier amenities, flexible workspaces, and is conveniently located above one of the nation’s busiest transit hubs.

Additional information on PENN 2 and images can be found at www.vno.com/penn2 .

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

^{J.D. Power:}
Verizon is #1 for Network Quality in 5 regions (tied in the Southwest and North Central regions). Verizon has also received the highest number of awards in network quality for the 35th time as compared to all other brands in the J.D. Power 2003-2025 Volume 1 and 2 U.S. Wireless Network Quality Performance Studies. Network Quality measures customers’ satisfaction with their network performance with wireless carriers. For J.D. Power 2025 award information, visit jdpower.com/awards for more details.
Rankings based on the RootMetrics® NY City and Tri State RootScore® Report: 1H 2025. Tested with best commercially available smartphones on three mobile networks across all available network types. Your experiences may vary. The RootMetrics award is not an endorsement of Verizon.

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