On the Market

Verizon to Market Space at 140 West Street for Sale or Lease

Telecommunications company Verizon plans to market 18 floors at its building at 140 West Street for sale or lease in an effort to consolidate its operations, it was announced today. As part of the plan, Verizon will boost its presence in Downtown Brooklyn where the company will move approximately 1,100 employees to 395 Flatbush Avenue.

Verizon will invite real estate investors to assess the value of the West Street space and submit plans for its use this week. Anticipated uses include both residential and hotel space, according to a statement.

1-00084-0001.V6nIr5e0The telecommunications company will retain floors one through 10 at 140 West Street, which was partially flooded during Hurricane Sandy, but will market 18 of the 31-story building’s upper floors. Verizon is also considering marketing the ground floor of the building for potential retail opportunities.

Since the building’s lobby and exterior are designated as New York City landmarks, any potential changes to the Downtown property will require the approval of the New York City Landmarks Preservation Commission.

“Lower Manhattan – especially the World Trade Center neighborhood – is destined to be an important tourist and commercial center for the world, and the plan that Verizon is proposing is in concert with that grand vision for the area,” said John Vazquez, vice president of global real estate, in a prepared statement. “Our long-term vision for our building preserves its historic character while complementing the thriving economy and community in lower Manhattan.”

As reported by The Commercial Observer, Verizon has previously sold a number of buildings in New York, including 375 Pearl Street to Taconic Investment Partners and Square Mile Capital for $172.5 million in 2007. That property, where a 1 million-square-foot data center was initiated in March, was later sold to Sabey Data Center Properties for $120 million.

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