Verizon to Sell Condominium Interest in Lower Manhattan Building for $274 Million
By Tess Stynes
Verizon Communications Inc. (VZ) reached an agreement to sell a portion of its 140 West St. building in lower Manhattan for $274 million to an affiliate of Magnum Real-Estate Group, which has residential development plans for the space.
The largest U.S. phone carrier also said that it plans to return its headquarters to space its owns in Midtown.
Verizon stated that the condomimium interest the company is selling in the 140 West St. landmark building encompasses 22 floors and one of the five sub-basement levels. After the sale is completed, the company expects 600 Verizon employees will remain at the Tribeca site.
Verizon will retain about 60% of the building for telecommunications switching equipment and administrative offices.
Magnum Real Estate Group President Benjamin Shaoul said "In light of the success of Walker Tower, the condominium developed above the Chelsea Verizon building, our aim is to convert 140 West St. into another world-class residential property."
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