SABEY ACQUIRES $120M CONDO INTEREST IN VERIZON BUILDING

NEW YORK CITY — Seattle-based Sabey Data Center Properties has acquired a condominium interest encompassing 29 floors of the 32-story Verizon Building at 375 Pearl St. in Manhattan for $120 million. Sabey obtained financing from lenders National Real Estate Advisors to complete the acquisition. Sabey plans on developing the space to be a data processing center called Intergate.Manhattan that should come online in 2012. Cushman & Wakefield’s Sean Brady and Jeffrey Heller represented Sabey and Ron Solarz of Eastern Consolidated represented Sabey’s partner Youngwoo & Associates. CB Richard Ellis represented the sellers, M&T Bank and Taconic Investment Partners.