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Verizon leases 140,000 s/f at Essex Crossing

Delancey Street Associates, a joint venture of Taconic Partners, L+M Development Partners, BFC Partners, the Prusik Group, and the Urban Investment Group within Goldman Sachs Asset Management, today announced that tech giant Verizon has leased 140,000 s/ft of state-of-the-art, Class A office space at Essex Crossing. 

Verizon will become the development’s anchor office tenant. 

“Essex Crossing represents the future of work, and Verizon took notice,” said Charles Bendit, co-founder and co-CEO of Taconic Partners, the partner leading the commercial development, leasing and management of the offices. 

CHARLES BENDIT

“Tenants will enjoy an amenity-rich campus environment, with every need just steps away. Over one hundred food options, convenient transportation, private outdoor space and more. This lease is a jolt of confidence in New York City’s return to office and demonstrates that employers are still committed to providing employees with a superior, highly curated workplace experience.”  

One of the world’s largest communications technology companies, Verizon will house its marketing group within the Lower East Side space. The company has leased 155 Delancey, one of Essex Crossing’s two office buildings.   Verizon will move hundreds of employees from its building at 140 West St. to the third through 5th floors of 155 Delancey.

The Offices at Essex Crossing comprise approximately 350,000 s/f amongst two buildings (145 and 155 Delancey), with floor plates ranging from 35,000 – 52,000 RSF, private outdoor terraces and open green space, tenant-controlled HVAC systems to help combat the spread of airborne viruses, and in-office bike storage with showers and lockers. 

The Offices at Essex Crossing has over 13 Citi Bike stations on campus, and direct access to vendors at the Market Line and Essex Market. 

Cushman & Wakefield’s Josh Kuriloff, executive vice chairman, Andrew Braver, managing director and Peyton Horn, executive managing director represented Verizon in the transaction.  

Comprised of nine sites, nearly two million square feet and costing an estimated $1.6 billion, the entire Essex Crossing development includes the 350,000 s/f of office space; over 1,000 residences; 300,000 s/f  of retail; and 100,000  s/f of green space and the recently opened Market Line, which when complete will boast over 150 food and beverage vendors.  

“We’re proud to have prepared the groundwork for Essex Crossing, a project that reflects community input and will contribute to the vibrant Lower East Side community. It will bring affordable housing, along with public market retail areas, offices, and green space,” said NYCEDC President and CEO Rachel Loeb. “The addition of an anchor office tenant demonstrates we can provide world-class workspaces and amenities while ensuring the neighborhood remains accessible and affordable for all New Yorkers.” 

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