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Rooted in New York City. Building the Future.

1. Verizon is relocating its headquarters to PENN 2 in Manhattan. 2. The lease covers over 195,000 square feet of office space. 3. Approximately 1,000 employees will work at the new headquarters. 4. A flagship retail store will open nearby, enhancing local presence. 5. Verizon aims to reinforce its commitment to New York City.

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Why Bullish?

The relocation reinforces Verizon’s commitment to a key market, potentially enhancing brand loyalty and revenues. Historical data shows that strategic positioning can lead to positive stock performance, as seen during previous headquarters relocations by major firms.

How important is it?

The announcement denotes a positive shift in corporate strategy and commitment to growth. The potential for increased operational efficiency and employee collaboration makes this news significant for investors.

Why Long Term?

The headquarters move and employee consolidation will yield productivity benefits over time, enhancing operational efficiency. Long-term investments in assets and facilities typically reflect positively on stock performance as operational synergies develop.

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VZTTMUS
July 28, 2025 16:28 ET  | Source: Verizon Communications, Inc. Key Highlights: The new headquarters will serve as the hub for approximately 1,000 corporate employees beginning in 2026Verizon signed a long-term lease to occupy more than 195,000 square feet of premier office space across multiple floorsNew flagship retail store to open on nearby Seventh AvenueVerizon 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 areaAmerica’s ‘Most-Awarded Network for Quality’ by J.D. Power1 and New York City’s #1 ‘Best, Most Reliable and Fastest Network’ by RootMetrics2 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. Media contacts:Katie Magnotta Katie.Magnotta@verizon.com Diana Alvear Diana.Alvear@verizon.com

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