Verizon Communications Inc. (NYSE:VZ) has selected Raleigh as the location for its new headquarters just one month after the company announced plans to create 250 new jobs.
Verizon CEO George Sherman announced on Friday that the firm had successfully signed a lease for the Colonnade II building located at the Colonnade Center Drive. The CEO revealed that the building will be the company’s new HQ and that it is expected to host 300 of Verizon’s employees in two of the building’s floors. The announcement comes just four weeks after the company announced that it would create 250 new jobs in Raleigh.
“We looked across the Triangle, but ultimately felt north Raleigh gave us a nice recruiting niche,” stated Mr. Sherman.
Some of the company’s employees are already working in a temporary space in the building. However, progress is already underway to prepare the new headquarters. The company announced a month ago that it had plans to invest $ $5.6 million in a new headquarters. The newly created positions include executive, finance, and marketing positions with the annual salaries averaging $93,000.
Verizon received a Job Development Investment Grant of as much as $3.3 million for investing in the job creation project in Raleigh. Sherman also stated that the company was thrilled to have its headquarters in Raleigh. He also added that the community will offer vibrant growth, skilled people, a robust job market and a strong technology base that will offer the right resources for the firm.
The CEO did not reveal the exact date that it expects to move into the new headquarters though it is most likely going to be before the end of the year or early 2018. The announcement is great news for the Raleigh residents especially since most of the jobs will go to the residents. It is also expected to make the city more appealing to other investors which will in turn fuel more economic growth.
Verizon stock closed the latest trading session on Friday at $47.69 after tanking by 0.42 percent compared to the value of the stock during the previous close.
