Verizon Communications plans to relocate its corporate offices to a familiar spot – its former digs at the Blackstone Group’s 1095 Sixth Avenue.
The telecommunications company once occupied all 41 stories of the property, which went from being called the New York Telephone building to the MetLife building. Equipment that connected calls had taken up the bottom 21 floors. Now, when the company returns in the fall, it will use two floors.
Verizon sold the building for $505 million in 2005, and proceeded to move to 140 West Street in the Financial District. In September, Verizon sold the top 21 floors of its 140 West Street headquarters to Ben Shaoul’s Magnum Real Estate, which wants to convert the space into residential condominiums, for $274 million, as previously reported. [NYT] — Mark Maurer