NEW YORK CITY-Telecommunications giant Verizon said Tuesday it plans to market about half its Lower Manhattan headquarters building at 140 West St. for lease or sale. At the same time, Verizon will boost its presence in Downtown Brooklyn, shifting 1,100 employees across the East River to 395 Flatbush Ave. Extension.
“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,” John Vazquez, Verizon's VP of global real estate, says in a release. “Our long-term vision for our building preserves its historic character while complementing the thriving economy and community in Lower Manhattan.”
The company is inviting “several real estate investors” to assess the value of 140 West and submit plans for possible use, according to a release. Possible uses could include residential and hotel space, the release states.
The company plans to market 18 of the upper floors at the 31-story 140 West while remaining in its headquarters space on floors one through 10. It's not clear how much square footage of the 1.2-million-square-foot office tower will be up for lease or sale. A Verizon spokesman did not respond to GlobeSt.com's inquiries by deadline Tuesday afternoon.
Verizon is also exploring the possibility of marketing the ground-floor space at 140 West for potential retail or restaurant opportunities. It's not known whether the company has hired a commercial brokerage to market the space it will be vacating.
The landmarked office tower, which has served as Verizon's headquarters since 2005, will be at least the third Manhattan property at which it has remained while selling parts of its buildings. Notably, the company has sold parts of its buildings at 1095 Ave. of the Americas and at 375 Pearl St., the latter recently commissioned as Intergate Manhattan, a high-rise data center, by Sabey Data Center Properties.
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