City Human Resources Administration Leases 200K SF at 375 Pearl Street
By Rebecca Baird-Remba May 24, 2017 10:31 am
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Fresh off a 424,000-square-foot renewal in Manhattan and the Bronx, the city’s Human Resources Administration has signed a lease for 193,821 square feet in the former Verizon Building at 375 Pearl Street.
The social service agency is taking space on part of the 20th floor and the 21st through 25th floors, according to The Real Deal, which first reported news of the deal. The length of the lease and the asking rents weren’t immediately available. Asking rents in the building range from $45 to $51 a square foot, Commercial Observer reported last year.
HRA is moving from 250 Church Street in Tribeca, where landlord Norvin Properties recently filed plans to convert the building to 107 apartments.
Cushman & Wakefield (CWK)’s Bob Giglio and George Keller represented HRA, and Gregg Rothkin and Gerry Miovski of CBRE (CBRE) represented the owners, Seattle-based Sabey Data Center Properties and YoungWoo & Associates. A spokeswoman for CBRE declined to comment, and Cushman & Wakefield didn’t immediately respond to a request for comment.
A few other public agencies occupy the newly renovated, 32-story tower at the foot of the Brooklyn Bridge. The Department of Finance inked a deal for 183,000 square feet in the 1.1-million-square-foot telecom building last year, as CO reported at the time.
New York Police Department occupies 18,000 square feet on the 22nd floor, and subway wifi provider Transit Wireless took 11,000 square feet in the lower half of the building, which remains a data center. The upper 15 stories of the monolithic structure have gotten floor-to-ceiling windows, offering a big improvement over the narrow openings that let in light along the rest of the building.
