Verizon Moves Hundreds of New York Employees to New Tower on the Lower East Side

Verizon is making a pioneering move to the Lower East Side, with plans to move hundreds of staff to the hip neighborhood’s n...


Verizon is making a pioneering move to the Lower East Side, with plans to move hundreds of staff to the hip neighborhood’s new Essex Crossing development – and out of its historic city offices at 140 West St.

The initial lease signed Thursday calls for the telecommunications giant to occupy nearly 143,000 square feet on the third, fourth and fifth floors of 155 Delancey St., in the larger base of the new rental apartment tower called The Artisan, as well as the brand and signage on the commercial facade of the building.

“This is a real godsend for the Lower East Side and is reminiscent of the start of commerce in New York City – and Verizon has recognized the importance of this,” said Charles Bendit of Taconic Partners, one of the developers.

The parties declined to comment on the terms of the long-term deal, but other real estate sources pegged the cost of the 20-year lease at around $ 80 per foot with over $ 130 per foot for work in the Verizon space.

Verizon has an option until the end of next year to lease the remainder of the 350,000 square foot office campus, which would include the 35,031 square foot second floor of 155 Delancey as well as the 174,623 square feet of the five story base of 145. Delancey St., just across Suffolk Street.

“We structured it that way to make this campus a home for them,” Bendit added.

interior rendering with seats and tables with floor-to-ceiling windows at 155 Delancey St.
Verizon will occupy nearly 143,000 square feet on the third, fourth and fifth floors of the Artisan Tower at Essex Crossing located at 155 Delancey St.
Word Search and River Film

Employees, many of whom will work in Verizon’s marketing department, will have 3,456 square feet of outdoor space on the sixth floor, as well as direct access to the expansive three-block Market Line underground food hall, as well. than bike racks and showers, make that trip across the Williamsburg Bridge to nearby Brooklyn a snap.

The company also has the option of using the project’s Regal Cinema for meetings and events.

Black and white photo of the iconic Verizon building at 140 West Street photographed in 1955
Verizon’s iconic Art Deco building at 140 West St. was designed by Ralph Walker as the headquarters of the New York Telephone Company, a predecessor to Verizon.
Getty Images

Taconic Partners is developing Essex Crossing with L + M Development Partners, BFC Partners, the Goldman Sachs urban investment group and the Prusik Group on land previously owned by the city.

Josh Kuriloff, Andrew Braver and Peyton Horn of Cushman & Wakefield represented Verizon in this transaction which has been negotiated for the past two years.

“This agreement continues to show the flight to new construction,” Kuriloff said.

Verizon’s iconic Art Deco building at 140 West St. was designed by Ralph Walker as the headquarters of the New York Telephone Company, a predecessor to Verizon. The company sold the last 22 floors for $ 274 million to Ben Shaoul’s Magnum Real Estate who turned them into large residential condominiums.

It is not known if Shaoul will buy the remaining office floors to add them to the condominium, or if there will be any remaining office space. Shaoul did not respond to requests for comment.

Essex Crossing rendering showing Market Line food hall signage
Verizon employees, many of whom will work in the telecommunications giant’s marketing department, will have direct access to the massive three-block Market Line underground food hall in Essex Crossing.
Studio MOSO

Verizon has always from the second to the 10th floor plus four sub-floors, or 565,800 square feet, for specialized switching equipment, some of which cannot be moved. The company had previously transferred some employees to Fort Greene, Brooklyn, from its current New York headquarters at 1095 Ave. of the Americas – which also has switching equipment.

Verizon’s global headquarters are in Basking Ridge, New Jersey, which offered an $ 81.6 million incentive program in 2005 to create 2,800 jobs in the state.

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