Data Center Activity Heats Up In Manhattan

Spotlight New York:

  • Since Google’s acquisition of 111 Eighth Ave.,all available space in the building has been taken off the market. The most recent data center transaction in the building was Digital Realty Trust’s sublease of 53,000 square-feet to Telx shortly before the building’s sale.
  • Sabey and local developer Young Woo are under contract to purchase 375 Pearl St.,a 1-million-square-foot former Verizon switching building,for an estimated $100 per square-foot from M&T Bank. The building is well-suited for data center use,with very heavy floor loads,high ceiling heights,limited windows,and abundant shaft space.  Verizon will maintain a three-floor condo interest in the building.
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