The NYPD is close to signing a 20-year lease in Lower Manhattan

The department is negotiating a deal for 106,000 square feet of office space

75 Pearl Street, rendering via Sabey

(NEW YORK, NY) — The NYPD plans to occupy 106,000 square feet of office space at 375 Pearl Street in Lower Manhattan.

The law enforcement agency is close to signing a 20-year lease for the entire 15th, 16th, and 17th floors.

The office space at 375 Pearl Street, better known as the Verizon Building, will cost the NYPD $4,505,000 annually for the first five years of the lease, $4,929,000 per year for the sixth through 10th years, $5,353,000 per year for the 11th through 15th years, and $5,777,000 per year for the last five years. The first 270 days of rent will be abated, and the city will have two five-year renewal options on the lease.

However, this won’t be the department’s first appearance in the building. According to reports, the NYPD has also recently signed a lease for part of the building’s 20th floor and will be moving in this fall.

As for the 15th, 16th, and 17th floors, City Hall will sign off on the lease after the Department of Citywide Administrative Services (DCAS) hosts a public hearing about it on September 8th.

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