Verizon’s landmarked, Art Deco building at 140 West St. “This deal continues to show the flight to new construction,” Kuriloff said. Josh Kuriloff, Andrew Braver and Peyton Horn of Cushman & Wakefield represented Verizon in this transaction which was negotiated over the last two years. Taconic Partners is developing Essex Crossing along with L+M Development Partners, BFC Partners, Goldman Sachs’s Urban Investment Group and The Prusik Group on land previously owned by the city. was designed by Ralph Walker as the headquarters for the New York Telephone Company, a predecessor to Verizon. “We structured it this way to make this campus a home for them,” Bendit added. Verizon has an option until late 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 in the five-story base of 145 Delancey St., right across Suffolk Street.
The parties declined to comment on terms of the long-term deal but other real estate sources pegged the cost of the 20-year lease at roughly $80 per foot with over $130 per foot towards work in Verizon’s space. “It’s a real boon to the Lower East Side and it harkens back to the beginning of commerce in New York City - and Verizon recognized the significance of that,” said Charles Bendit of Taconic Partners, one of the developers. The initial lease signed Thursday calls for the telecom giant to occupy nearly 143,000 square feet on the third, fourth and fifth floors of 155 Delancey St., in the wider base of the new rental-apartment tower called The Artisan, along with branding and signage on the commercial facade of the building. Verizon is making a pioneering move to the Lower East Side, with plans to move hundreds of staffers to the trendy neighborhood’s new Essex Crossing development - and out of its historic city offices at 140 West St. Will luxe amenities get workers back to the office? Owners say, 'Yes' NYC's biggest office owners are giving portfolio-wide perks to tenants What will it take to convert NYC's empty office towers into housing? Louis Vuitton to build new flagship as luxury retail booms in NYC How snappy, pre-furnished office spaces get companies moving fast
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