Verizon Eyes Historic Sale; Post Office Square Building on Block

By JAY FITZGERALD

Verizon is putting on the block its famous Post Office Square building that could fetch about $300 million or more in a hot commercial real-estate market.

The 875,000-square-foot building, with its distinctive Art Decotrimmings and marble floors inside the front doors, will probably be put up for sale sometime next month, Verizon said yesterday.

If a deal goes through, about 1,700 employees at 185 Franklin St. would be moved to other existing downtown Verizon buildings, including another classic old phone building at 6 Bowdoin Square near Government Center and another facility on Harrison Avenue in the Chinatown area, Verizon said.

No layoffs are expected if a sale is made.

One commercial real estate broker said the 18-story Verizon building, which was constructed in 1947 when the old Ma Bell ruled the entire telephone industry, could attract many potential buyers.

"Talk about an interesting building," said the broker.

Verizon, which has been cutting back staff in recent years, noted that it recently sold its Verizon headquarters at 1095 Avenue of the Americas in New York in 2005 as part of its ongoing efforts to evaluate its real estate needs.

"In today’s competitive telecommunications environment, it is particularly important that we make the most efficient use of our facilities," said Lee Brathwaite, vice president of real estate for Verizon.

While 185 Franklin could attract top dollar, a final price depends on how much renovation the building needs, after decades of being used as a central switching station, as well as a central office.

CAPTION: $300M POSSIBLE: Real estate professionals say the Verizon building at 185 Franklin St. will be a costly buy – perhaps as much as $300 million, depending on how much renovation must be done. HERALD PHOTO BY FAITH NINIVAGGI

(c) 2007 Boston Herald. Provided by ProQuest Information and Learning. All rights Reserved.