(Bloomberg) -- Verizon Communications Inc. will build a private 5G network for BlackRock Inc. at its new Hudson Yards headquarters, the beginning of what the telecom giant expects to be a big new business opportunity.
New York-based Verizon said new 5G wireless technology can replace Wi-Fi and give BlackRock the ability to use applications like virtual reality and edge computing that require nearly instantaneous network response time.
The agreement marks the first U.S. commercial 5G office contract for the carrier, which has been in a race with AT&T Inc. and T-Mobile US Inc. to get business customers to adopt the new technology. AT&T, for example, is working on a 5G testbed surrounding Amazon.com Inc.'s planned Crystal City campus in Virginia, outside Washington, D.C.
BlackRock, the world's largest asset manager, plans to occupy 15 floors of the new 50 Hudson Yards tower on Manhattan's West Side later this year or early next year. The firm secured $25 million in tax credits from the state for keeping and creating jobs in New York.
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