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Verizon to Lease or Sell Space in Its Manhattan Headquarters

Verizon Communications Inc., the second-largest U.S. phone company, will sell or lease out about half the space in its Manhattan headquarters, part of a move to cut costs and raise cash in a rebounding real estate market.

The company is inviting investors to assess the property this week and submit plans for potential use, Verizon said today in a statement. It expects to keep the first 10 floors of the 31-story structure, a 1920s-era building whose lobby and exterior are designated as New York City landmarks.