Regions Northeast | Boston
Feb 28, 2008
Source: The Boston Herald
Phone service provider Verizon is again finding it difficult to sell its historic Boston regional headquarters because of a slowing office tower market.
The company previously said it would sell the building--a high-rise with Art Deco trim and marble floors--in July, when office towers were selling for record high prices. However, since the subprime mortgage market collapse, acquisition funding has dissolved, and the one offer Verizon allegedly received in fall was beneath the firm's $300-per-square-foot price tag.
Verizon--which plans to relocate 1,700 employees to buildings in Boston's Government Center and Chinatown--will try to sell the 185 Franklin St. building again this spring, a spokesman confirmed.
Source: The Boston Herald
Phone service provider Verizon is again finding it difficult to sell its historic Boston regional headquarters because of a slowing office tower market.
The company previously said it would sell the building--a high-rise with Art Deco trim and marble floors--in July, when office towers were selling for record high prices. However, since the subprime mortgage market collapse, acquisition funding has dissolved, and the one offer Verizon allegedly received in fall was beneath the firm's $300-per-square-foot price tag.
Verizon--which plans to relocate 1,700 employees to buildings in Boston's Government Center and Chinatown--will try to sell the 185 Franklin St. building again this spring, a spokesman confirmed.
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