Magnum Real Estate Group and CIM Group, Inc. entered into an agreement to acquire 40% interest in historic building at 140 West Street Lower Manhattan, New York from Verizon Communications Inc. (NYSE:VZ) for approximately $270 million on September 12, 2013. Verizon will retain approximately 60% of the building. The deal is subject to approval of New York Public Service Commission. Verizon has asked the Public Service Commission for approval by November 15. Josh Kuriloff of Cushman & Wakefield acted as the real estate advisor for Verizon. Jay A. Neveloff, Neil R. Tucker and Michael T. Sillerman of Kramer Levin Naftalis & Frankel LLP acted as legal advisors for Magnum. Mendel Communications acted as public relations advisor in the transaction.

Magnum Real Estate Group and CIM Group, Inc. completed the acquisition of 40% interest in historic building at 140 West Street Lower Manhattan, New York from Verizon Communications Inc. (NYSE:VZ) on January 2, 2014.