The Real Deal New York

Sabey to renovate Verizon building’s upper office space

Top 15 stories each getting 35,000 square feet and floor-to-ceiling windows

May 14, 2014 09:00AM

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Dave Sabey and the former Verizon building

Dave Sabey and the former Verizon building

Seattle-based commercial real estate and investment firm Sabey Data Center Properties plans to renovate the top 15 stories of the 35-story former Verizon building in Lower Manhattan. Those floors will hold a total of 500,000 in office space, with the data center occupying the lower levels.

Each of the office floors will get 35,000 square feet and floor-to-ceiling glass windows. Asking rents for that space will be in the low $50s per square foot. The upgrade of the 1 million-square-foot building at 375 Pearl Street is expected to begin this summer.

A Newmark Grubb Knight Frank team of Josh Gosin, Jason Greenstein, Danny Levine and David Falk is handling office leasing. NGKF broker Michael Morris is in charge of leasing the data center space.

Sabey bought the property out of foreclosure, spending $120 million in 2011 for a controlling interest, as previously reported. The building reopened as largely a data center last year. [NYP]Mark Maurer

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