Verizon, Baxter Sign Letter of Intent For Sale of Thousand Oaks Office Building
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THOUSAND OAKS, Calif. - Verizon has signed a letter of intent to sell its office building at One Verizon Way in Thousand Oaks to Baxter Healthcare Corporation. The 426,000-square-foot, three-story building is Verizon's Pacific region headquarters.
Terms of the tentative agreement were not disclosed. The sale, which is subject to a routine due diligence review by Baxter by Sept. 1, also requires approval by the California Public Utility Commission. The sale is expected to be completed sometime next year.
All of the 1,100 employees now working at One Verizon Way will continue to be based in Ventura County, and many will move to two nearby Verizon buildings.
Over the next 12 months, some of the employees will move to 112 Lakeview Canyon Road in Thousand Oaks, and that facility will be the company's new Pacific region headquarters. Other employees will move to 1850 Ventu Park Road in Newbury Park. In addition, some Verizon employees will remain in the One Verizon Way building in space that the company will lease from Baxter Healthcare.
''Consolidating our employees in buildings that Verizon already owns or leases saves money and lets us improve efficiency and maintain high quality customer service,'' said Tim McCallion, Verizon Pacific regional president. ''Verizon remains deeply committed to California and Ventura County, and our One Verizon Way employees will continue to work in the immediate area.''
This move is part of Verizon's ongoing efforts to be the most cost-effective company in the industry, which, in turn, helps Verizon fund its growth and customer service initiatives.
Verizon is the third largest private employer in Ventura County, with almost 3,000 employees. The company has a workforce of more than 14,000 in California.
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Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 112 million access line equivalents and 27 million wireless customers. Verizon is also the largest directory publisher in the world. A Fortune 10 company with approximately 260,000 employees and more than $65 billion in annual revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com