Leases  ·  Office

Dept. of Finance Checking Into Former Verizon Building


The New York City Department of Finance will be signing a 175,000-square-foot lease at 375 Pearl Street, formerly known as the Verizon Building, in Lower Manhattan.  

While the deal is still pending approval from the New York City Department of City Planning, as a result of the deal the DOF will occupy the 26th through 30th floors of the office condominium between Avenue of the Finest and Madison Street, as The Real Deal reported.

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Asking rents in the 32-story building located at the foot of the Manhattan side of the Brooklyn Bridge range from $45 to $51 per square foot. A spokesman for Sabey Data Centers Properties, which purchased a controlling stake in the building in 2011 for $120 million, confirmed the details of the pending deal to Commercial Observer via email.

Gerry Miovski, Gregg Rothkin and Zakery Snider of CBRE represented the landlord in the transaction. It was not clear who negotiated the deal for the DOF and the city agency did not immediately respond for comment.

The DOF will not be the only city agency in the building. Last year, the New York Police Department signed a deal for 18,000 square feet at 375 Pearl Street, as CO previously reported.

And while it’s not a city agency, Transit Wireless, the company that is putting infrastructure for cellular service and Wi-Fi in all city subway stations, signed a deal for 11,000 square feet at the Pearl Street building last year as well.