Exclusive: Verizon Telematics Cuts Potential Cord To Midtown
Can you hear me now? For Verizon Telematics, not in Midtown.
The telecom giant's connected automobile software division has scuttled plans to move to Midtown, specifically at Carter's 715 Peachtree St (here) redo, numerous sources tell us.
The decision comes weeks after reports indicated Verizon Telematics—which is the result of Verizon's 2012 acquisition of Hughes Telematics—was in talks to depart Central Perimeter for Midtown, with its preference at 715 Peachtree, a move that would have followed a larger trend of tech-centric companies moving into the city and closer to the tech intelligentsia and Millennial employment base these companies covet. A spokesperson for Verizon tells us the initial reports were "inaccurate," but declined to comment further.
Verizon Telematics' main hub is at Seven Oaks' 2002 Perimeter Summit (here), with some spillover into the 1001 building. All told, the company commands some 110k SF in Perimeter Summit. But sources say it has more than four years left on its lease there.
Whether that was a factor in its decision to stay put is unclear. Carter purchased the 318k SF former JC Penney Co regional HQ across from the Fox Theatre last year for $50M and embarked on a renovation program that's adding street-level retail/restaurant space as well as tech-centric office space.
We previously reported Carter also is in talks with Regus to debut its co-working office brand there. Calls to officials with Cushman & Wakefield (who rep Verizon Telematics) and Carter were not returned as of press time.