Finalizing the Verizon West Street Sale

A deal for a significant portion of a Verizon building was officially announced in a press release today.  It means a big chunk of office space will go the luxury condo route.

Two New York real estate investment firms, CIM Group and Magnum Real Estate Group, formally announced today that they had purchased more than half of the top of art-deco 140 West St. for conversion.

The building, once the headquarters of the New York Telephone Co., is 77 years old and is, as the companies noted today, "recognized as a premier Art Deco skyscraper."

The deal was made public in September. The Commercial Observer reported a $274 million purchase price.

The transaction is for floors 11 through 31 in the 32-story, full city block Tribeca building on West, Barclay, Vesey, and Washington Sts.  Verizon will use the rest, for now, as well as below-grade floors. 

QuidnuncRE last looked at Verizon's consolidation and sell-off moves with a link to a Wall Street Journal article HERE. CIM has been active in lower Manhattan in recent months; QuidnuncRE looked at an affordable housing deal in which the Los Angeles-based firm participated last Friday, HERE.




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