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Deals & Dealmakers

NYPD eyes 100,000 s/f on Pearl Street

The New York Police Department is looking to lease more than 100,000 s/f of office space at 375 Pearl Street.

According to a public hearing notice, the NYPD is interested in the entire 15th, 16th and 17th floors of the 32-story property, which is known as the Verizon Building.

The lease is for 20 years and 270 days and would start with an annual rent of $4.5 million for the first five years.

The 106,000 s/f lease would continually increase by $400,000 in five-year periods until hitting $5.7 million for the last five years of the lease, but the first 270 days’ rent will be abated, the notice said. The NYPD is also has the option to renew their lease twice for five years each.

The space is expected to be used for general office use, according to the notice. The property is owned by Sabey Data Center Properties and Young Woo & Associates, who partnered to buy the building for $120 million in 2011 from Taconic Partners.

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