The New York Police Department is close to signing a lease for 106,000 square feet of Manhattan office space in the Verizon Building at 375 Pearl Street. City Hall will complete the deal after the Department of Citywide Administrative Services (DCAS) hosts a public hearing about it on September 8.

The law enforcement agency will take over the 15th through 17th floors at the 32-story building for the next 20 years. The space will be used for general, administrative and executive offices.

According to the Commercial Observer, the police department will pay the following: $41 per square foot, $4,505,000 a year, for the first five years of the lease; $44 per square foot, $4,929,000 annually, for the sixth to the tenth years; $48 per square foot, $5,353,000 a year, for the eleventh to the fifteenth years; and $51 per square foot, $5,777,000 a year, for the remaining five years. The first 270 days of rent will be abated.

Recently, the NYPD also inked a lease for 18,767 square feet on the building’s 20th floor, planning to occupy the space this fall. And it is not the only city agency to move their offices to the Verizon Building. The Human Resources Administration, the Department of Sanitation and the Department of Finance are among the property’s tenants. Moreover, Rafael Viñoly Architects leased the entire 31st floor last month.

Gerry Miovski, Greg Rothkin and Zak Snider from CBRE represented the landlord, Sabey Data Center Properties, in the deal, while another CBRE team, which remained undisclosed, acted on behalf of the tenant.

Completed in the 1970s, the 1.1-million-square-foot property at 375 Pearl Street, also known as the Verizon Building, is often dubbed New York’s ugliest building. In late 2016, it was renovated, the limestone walls on the top 15 floors being replaced with glass panels in order to improve its aesthetics.

Alexandra Farcas

Alexandra Farcas

Alexandra is a staff writer and communications specialist at CommercialCafe, covering commercial real estate trends, news and tips. Her work can also be found on the PropertyShark blog, where she usually writes about the latest office deals. Alexandra’s articles have been featured by Bustle, NBC Washington, Thrive Global, the Boston Business Journal, The Durst Organization, Philly Mag, HR Dive.

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