Magnum picks up top 21 floors of Verizon building

New York /
Sep.September 12, 2013 03:27 PM

Verizon has sold the top 21 floors of its 140 West Street headquarters to Ben Shaoul’s Magnum Real Estate, which will convert the space into residential condominiums.

A total of roughly 1.8 million square feet in the upper portion of the 31-story Financial District building would be affected. Verizon, meanwhile, will hang on to the lower 10 floors of the building. The company said in May it was looking to sell or rent the square footage.

The price of the sale, which will require the relocation of around 1,100 Verizon employees, was not disclosed to Crain’s.

Verizon, downsizing its facilities and bringing in millions of dollars, has shed several real estate holdings in recent years. Recent deals include the sale of 375 Pearl Street in 2011 for $120 million and most of its equity stake in 1095 Sixth Avenue. JDS Development and Property Markets Group converted a former Verizon building at 212 West 18th Street into luxury condos known as Walker Tower. [Crain’s]Julie Strickland


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