375 Pearl Street

File:THE_BROOKLYN_BRIDGE_INTO_MANHATTAN,_NEW_YORK_TRANSPORTATION_IN_AN_URBAN_AND_INDUSTRIAL_AREA_LIKE_NEW_YORK_PRODUCES..._-_NARA_-_555733_color_balance.jpg

The building was built for the New York Telephone Company and was completed in 1975.{{Cite news|url=https://www.nytimes.com/interactive/2016/06/05/magazine/new-york-life.html,%20https://www.nytimes.com/interactive/2016/06/05/magazine/new-york-life.html|title=New York Above 800 Feet|last=Kimmelman|first=Michael|date=June 2, 2016|work=The New York Times|access-date=November 1, 2019|language=en-US|issn=0362-4331}}{{Cite web|url=https://www.emporis.com/buildings/115587/intergate-manhattan-new-york-city-ny-usa|archive-url=https://web.archive.org/web/20180426012125/https://www.emporis.com/buildings/115587/intergate-manhattan-new-york-city-ny-usa|url-status=usurped|archive-date=April 26, 2018|title=Intergate Manhattan, New York City {{!}} 115587 {{!}} EMPORIS|website=Emporis|access-date=November 1, 2019}} The building originally appeared windowless but had several {{convert|3|ft|m|adj=mid|-wide slits}} (some with glass) running up the building. As it approached completion, The New York Times architecture critic Paul Goldberger decried it as the "most disturbing" of the phone company's new switching centers because it "overwhelms the Brooklyn Bridge towers, thrusts a residential neighborhood into shadow and sets a tone of utter banality."{{Cite news|url=https://www.nytimes.com/2008/01/15/nyregion/15verizon.html|title=Open a New Window: A Tower With a View|last=Dunlap|first=David W.|date=January 15, 2008|work=The New York Times|access-date=November 1, 2019|language=en-US|issn=0362-4331}}{{Cite news|url=https://www.nytimes.com/1975/12/06/archives/when-building-for-future-means-a-step-backward.html|title=When Building for Future Means a Step Backward.|last=Goldberger|first=Paul|date=December 6, 1975|work=The New York Times|access-date=November 1, 2019|language=en-US|issn=0362-4331}}

In the 1990s and 2000s, Verizon switching operations included a small DMS-100 telephone exchange and a Switching Control Center System. The building's CLLI code, its identification in the telecommunications industry, was NYCMNYPS.{{cite web|title=Retirement and Removal of Verizon Broadway 4ESS Tandem (NYCMNYBW21T) |url=https://www22.verizon.com/wholesale/attachments/industry_letters/IL09-0065.pdf |work=Verizon.com |publisher=Verizon |access-date=February 9, 2013 |date=December 8, 2009 |url-status=dead |archiveurl=https://web.archive.org/web/20140101101939/https://www22.verizon.com/wholesale/attachments/industry_letters/IL09-0065.pdf |archivedate=January 1, 2014 }} The Pearl Street CS2K softswitch was the recipient of voice traffic from decommissioned legacy switches in the city.

Prior to 2002, the building featured the logo of New York Telephone and Bell Atlantic; that year, the sign was replaced with the logo of Verizon.{{Cite news|url=https://www.nytimes.com/2002/05/19/nyregion/neighborhood-report-new-york-signs-verizon-lays-ma-bell-rest-with-very-visible.html|title=Neighborhood Report: New York Signs; Verizon Lays Ma Bell to Rest With a Very Visible Swoosh|last=Lee|first=Denny|date=May 19, 2002|work=The New York Times|access-date=November 1, 2019|language=en-US|issn=0362-4331}}

In September 2007 it was announced that Taconic Investment Partners had purchased the building from Verizon, which leased back floors 8 through 10.{{cite news | last = Weiss | first = Lois | title = Downtown Tower Deal; Verizon Sells Cheap to Taconic | work = New York Post| date = September 26, 2007 | url = http://www.nypost.com/seven/09262007/business/downtown_tower_deal.htm | access-date = September 4, 2009}} Taconic bought the 1.098-million-square-foot building ({{convert|1098000|sqft|m2|disp=output only}}) for $172.05 million, which amounted to $185 a foot when property was selling in Manhattan for $500 a foot. Other appeals of the building were its 16- to {{convert|17|ft|m|adj=on}} ceilings and {{convert|39000|sqft|m2|adj=on}} floor plans as well as the naming rights. Taconic had announced plans to replace the facade with a glass curtain wall designed by Cookfox. The New York Times wrote:

Paul E. Pariser, co-chief executive of Taconic, said a reporter had told him: 'Mr. Pariser, you have a challenge cut out for you — turning a G.E. dishwasher into an office building.' I like that challenge.

File:Verizonnyc.jpg

In early June 2011, data center operator Sabey Data Centers Properties purchased the deed in lieu of foreclosure from M&T Bank for $120 million, considerably less than what Taconic had paid a few years earlier.{{Cite web|date=2011-06-08|title=Office conversion plans dropped as former Verizon tower changes hands for $120M|url=https://therealdeal.com/2011/06/08/former-verizon-tower-gets-120m/|access-date=2022-05-05|website=The Real Deal New York|language=en-US}}{{cite web | title=Downtown's Verizon tower fetches $120M | website=Crain's New York Business | last=Fernandez | first=Tommy | date=2011-06-07 | url=https://www.crainsnewyork.com/article/20110607/REAL_ESTATE/110609898/downtown-s-verizon-tower-fetches-120m | access-date=2022-05-05}} Sabey had initially intended to partner with YoungWoo & Associates but instead hired National Real Estate Advisors as its development partner. Sabey intended to redevelop the property as a major Manhattan data center and technology building called Intergate.Manhattan.{{cite web |url=http://datacenters.sabey.com/intergate_manhattan |title=Intergate.Manhattan |publisher=Sabey |access-date=September 7, 2013 |archive-url=http://webarchive.loc.gov/all/20120728182356/http%3A//datacenters.sabey.com/intergate_manhattan |archive-date=July 28, 2012 |url-status=dead }} John Sabey, president of the company, said Intergate.Manhattan would appeal to "new scientific, academic and medical research centers" in addition to data center tenants.{{cite web |url=http://www.datacenterknowledge.com/archives/2011/06/07/sabey-acquires-huge-verizon-building-in-nyc/ |title=Sabey Acquires Huge Verizon Building in NYC |publisher=Data Center Knowledge |date=June 7, 2011 |access-date=September 7, 2013}}

In 2012, The Daily Telegraph ranked 375 Pearl Street as the 20th "ugliest building in the world".{{cite news |url=https://www.telegraph.co.uk/property/propertypicturegalleries/9126031/Are-these-the-ugliest-buildings-in-the-world.html?frame=2159775/ |archive-url=https://archive.today/20130505112734/http://www.telegraph.co.uk/property/propertypicturegalleries/9126031/Are-these-the-ugliest-buildings-in-the-world.html?frame=2159775/ |url-status=dead |archive-date=May 5, 2013 |title=Are these the ugliest buildings in the world? |newspaper=The Daily Telegraph |date=April 10, 2012 |access-date=September 7, 2013}} Starting in 2016, the building was renovated. The limestone walls on the top 15 stories were removed and replaced with plate glass panels to improve the building's aesthetics and attract traditional office tenants.{{cite web|url=https://newyorkyimby.com/2016/08/former-verizon-building-at-375-pearl-street-gets-a-new-look.html|title=Former Verizon Building at 375 Pearl Street Gets a New Look|website=New York YIMBY|last=Baird-Remba|first=Rebecca|date=August 1, 2016|publisher=|url-status=live|archive-url=https://web.archive.org/web/20190730072821/https://newyorkyimby.com/2016/08/former-verizon-building-at-375-pearl-street-gets-a-new-look.html|archive-date=July 30, 2019|access-date=}}{{cite web | last=Baird-Remba | first=Rebecca | title=Under Construction: The Former Verizon Building at 375 Pearl Street | website=Commercial Observer | date=2019-03-12 | url=https://commercialobserver.com/2019/03/under-construction-the-former-verizon-building-at-375-pearl-street-2/ | access-date=2022-05-05}} Leasing of the office stories had started in January 2016.{{cite web|url=http://newyorkyimby.com/2016/01/office-renovation-leasing-underway-at-32-story-verizon-building-375-pearl-street-civic-center.html|title=Office Renovation, Leasing Underway At 32-Story Verizon Building, 375 Pearl Street, Civic Center|last=Wilson|first=Reid|date=January 15, 2016|website=New York YIMBY|access-date=January 16, 2016}} Sabey placed the 15th through 30th stories for sale in 2018 for over $300 million.{{Cite web|date=2018-11-06|title=375 Pearl Street | Sabey Data Centers|url=https://therealdeal.com/2018/11/06/sabey-looks-to-sell-office-portion-of-375-pearl-for-north-of-300m/|access-date=2022-05-05|website=The Real Deal New York|language=en-US}} The space was instead leased to tenants like the New York City Police Department{{cite web | last=Baird-Remba | first=Rebecca | title=NYPD Nears Lease for 106K SF at 375 Pearl Street | website=Commercial Observer | date=2018-08-24 | url=https://commercialobserver.com/2018/08/nypd-375-pearl-street-106k-sf-deal-almost/ | access-date=2022-05-05}} and Rafael Viñoly Architects.{{cite web | last=Mashayekhi | first=Rey | title=Rafael Viñoly Architects Moving NYC Offices to Former Verizon Building | website=Commercial Observer | date=2018-07-10 | url=https://commercialobserver.com/2018/07/rafael-vinoly-architects-moving-nyc-offices-to-former-verizon-building/ | access-date=2022-05-05}} Viñoly Architects bought the floors that it occupied in July 2020.{{Cite web|last=Matsuda|first=Akiko|date=2021-02-03|title=Manhattan's Office Condo Price Sees 32% Decline in 2020|url=https://therealdeal.com/2021/02/03/manhattan-office-condo-prices-declined-32-in-2020/|access-date=2022-05-05|website=The Real Deal New York|language=en-US}}

Sabey and National Real Estate Advisors refinanced the building in June 2021. Wells Fargo and JPMorgan Chase gave the owners a $220 million fixed-rate loan as well as a $30 million mezzanine loan.{{cite web | last=Cunningham | first=Cathy | title=Wells Fargo, J.P. Morgan Close $250M Refi for 375 Pearl Street | website=Commercial Observer | date=2021-06-18 | url=https://commercialobserver.com/2021/06/wells-fargo-jp-morgan-close-250m-refi-for-375-pearl-street/ | access-date=2022-05-05}}{{Cite web|date=2021-06-21|title=Owners of 375 Pearl Street get $250M Refi|url=https://therealdeal.com/2021/06/21/sabey-lands-250-million-refi-for-375-pearl-street/|access-date=2022-05-05|website=The Real Deal New York|language=en-US}}

The building was traditionally home primarily to telecommunications tenants, but following the renovations has attracted numerous traditional office users. The New York City government occupies a significant area of the building including the NYPD with {{convert|106,000|sqft|m2}} on the 15th through 17th floors, the Human Resources Administration with {{convert|194,000|sqft|m2}}, the Department of Finance with {{convert|175,000|sqft|m2}}, and the Department of Sanitation with {{convert|72,000|sqft|m2}}.{{cite web | last=Baird-Remba | first=Rebecca | title=NYPD Nails Down 106K SF at 375 Pearl Street | website=Commercial Observer | date=2018-10-25 | url=https://commercialobserver.com/2018/10/nypd-nails-down-106k-sf-at-375-pearl-street/ | access-date=2022-07-15}} Following the 2021 New York City mayoral election, the space also contained an office for mayor Eric Adams.{{Cite web|date=2022-07-13|title=NYC Mayor Adams Has Secret Office at Sabey's 375 Pearl Street|url=https://therealdeal.com/2022/07/13/mayor-has-secret-office-at-sabeys-375-pearl-street-report/|access-date=2022-07-15|website=The Real Deal New York|language=en-US}}

Following the renovation, Rafael Viñoly Architects signed a 20-year, {{convert|36,550|sqft|m2}} lease for the 31st floor of the building in July 2018.{{cite news|url=https://commercialobserver.com/2018/07/rafael-vinoly-architects-moving-nyc-offices-to-former-verizon-building/|title=Rafael Viñoly Architects Moving NYC Offices to Former Verizon Building|date=July 10, 2018|last=Mashayekhi|first=Rey|work=Commercial Observer}}

{{Portal|New York City|Architecture}}

• 33 Thomas Street
• Verizon Building, 140 West Street

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• {{official website|https://375pearl.com}}
• {{commons category-inline}}

{{Civic Center, Manhattan}}

Category:1976 establishments in New York City

Category:Civic Center, Manhattan

Category:Office buildings completed in 1976

Category:Skyscraper office buildings in Manhattan

Category:Telecommunications buildings in the United States

Category:Telephone exchange buildings