Verizon to move to Essex Crossing in potential campus play

Telecom giant signed for 143K sf with option for expansion

Verizon CEO Hans Vestberg and 155 Delancey Street in Lower East Side NYC (Getty, Google Maps)
Verizon CEO Hans Vestberg and 155 Delancey Street in Lower East Side NYC (Getty, Google Maps)

Verizon is planning to move hundreds of employees to the Essex Crossing development in the Lower East Side, according to the New York Post.

The telecom giant will take up nearly 143,000 square feet across three floors at 155 Delancey Street, also known as The Artisan.

In addition to the office space, the company will also display its branding on the building’s commercial facade. Asking rents reportedly ranged from $80 to upwards of $130 per square foot.

The 20-year lease comes with the option for Verizon to take up even more space and create a 350,000-square-foot campus for itself, according to the Post. The additional space would come at both 155 Delancey (35,000 square feet) and 145 Delancey Street (nearly 175,000 square feet). Verizon would need to exercise the option by late 2022.

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Members of Verizon’s marketing team are expected to move to the office in the future.

Josh Kuriloff, Andrew Braver and Peyton Horn of Cushman & Wakefield brokered the deal on behalf of Verizon.

Essex Crossing is being developed by a number of partners, including Taconic Partners, L+M Development, The Prusik Group, BFC Partners and Goldman Sachs’ Urban Investment Group. The $1.5 billion development is expected to feature more than 1,000 residential units across nine buildings, 450,00 square feet for retail and 350,000 square feet for offices.

Partial completion of the project was expected by the end of this year and full completion of the development is anticipated in 2024.

Verizon isn’t completely abandoning its landmarked office at 140 West Street. The company still has more than 565,000 square feet at the building, which holds some unmovable specialized switching equipment. Verizon also has an office in Fort Greene and its corporate headquarters at 1095 Avenue of the Americas.

[NYP] — Holden Walter-Warner