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Verizon is moving some of its offices to a new development on the Lower East Side.
The company has signed a lease for 143K SF across three floors at Essex Crossing at 155 Delancey St., with an option to expand further into the new building, the New York Post reports. Essex Crossing is a $1.1B mixed-use project developed by Taconic Investment Partners, L&M Development Partners, BFC Partners and Goldman Sachs Urban Investment Group.
Verizon’s lease at Essex Crossing is for 20 years and asking rent was $80 per SF, with tenant improvement credits up to $180 per SF, the Post reported. The project has 350K SF of office space split across 155 and 145 Delancey St. The entire project sits above the renovated and expanded Essex Market food hall, now dubbed The Market Line.
Opened in 2019, Essex Crossing contains 1,000 apartments, some of which are affordable as well as 15K SF of public space, retail space, office space and a marketplace, according to the New York City Economic Development Corp. The apartments became available for sale at the start of this year.
Verizon will move hundreds of employees to the Lower East Side from the 565K SF it owns in its eponymous office tower at 140 West St. in the Financial District — where 600 employees worked as of 2013, according to a Verizon release. It doesn't plan to move out of the space entirely, per the Post, but it is unclear how much of the space the company will vacate.
Verizon owns 60% of 140 West St. — it sold 40% of the building to Magnum Real Estate in 2013. It also occupies 1095 Sixth Ave. and 375 Pearl St. and owns an interest in each building, according to Verizon.
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