M&T Bank has hired Darcy Stacom and William Shanahan, vice chairmen of CB Richard Ellis to sell the former 32-story Verizon building at 375 Pearl St., that was designed to house switching equipment for about $125 million, according to an article yesterday at crains.com.

The building had been acquired in 2006 for $172.5 million by Taconic Investment Partners that had commissioned Cook + Fox to reclad the building and convert it to offices. Taconic, however, abandoned that plan and stopped paying its mortgage, the article said.

Verizon still occupies three floors in the building, which contains 1.1 million square feet of space and is highly visible because of its proximity to the Brooklyn Bridge.

The article said that sources said the price was probably too high, adding that "most of the potential buyers showing interest are firms that would convert it to residential use or companies that would use it for a technical or industrial purpose."

"The building's floors can hold up to 400 pounds per square foot," the article continued, "while the typical office building can support about 150 pounds a square foot. It also has 15-foot ceilings that can accommodate large equipment. However, the views and ceiling heights would also appeal to residential users."

An article today at observer.com by Matt Chaban said that "Many people consider 375 Pearl Street the ugliest building in New York," adding that "It is not only its blank concrete facade that people so detest but also its ruinous effect on the downtown skyline. Just north of the Brooklyn Bridge, the 32-story tower has no tall neighbors to hide it, sticking out like a sore thumb, ruining countless tourists' photos and panoramic posters."

It does, however, command extremely impressive views not only of the Brooklyn Bridge but also Lower Manhattan.