NYC’s Finance Department Takes 175,000 SF at Former Verizon Building

New York City’s Department of Finance has reportedly struck an agreement with Sabey Data Centers to lease 175,000 sf at 375 Pearl St. in Manhattan’s financial district. Sources say the DOF is seeking final approval to occupy floors 26-31 at the 1.1 million-sf tower.

Dave Sabey and Young Woo & Associates acquired a controlling interest in the 40-year-old building for $120 million in 2011. Renovations are currently underway on the former Verizon building’s exterior. Rents range from $45-$51 per square foot.

CBRE’s Gerry Miovksi, Gregg Rothkin and Zakery Snider represented Sabey in the transaction.