Williams Equities Lands 132 KSF Manhattan Lease
Fintech company Ramp has signed a 132,000-square-foot, long-term lease at Williams Equities’ 28 & 40 W. 23rd St., a 561,000-square-foot office complex in Manhattan.
The deal involved a 66,000-square-foot extension and a 66,000-square-foot expansion. Colliers negotiated on behalf of the ownership, while Cushman & Wakefield represented the tenant.
Last year, Ramp signed a short-term sublease agreement for the second floor of the property, a space previously occupied by Microsoft. Under the new deal, the firm committed to the fourth floor as well. Move-in is already underway, with additional build-outs scheduled.
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The two-building property rising six and 12 stories came online in 1911. Designed by Maynicke & Franke, the mid-rises originally included only retail spaces and housed a large Stern Brothers department store.
In 1982, the complex was converted to office use. However, 105,000 square feet still serve as retail space, mostly occupied by The Home Depot. The tenant roster also includes Estée Lauder and Yale KeyExpress, according to CommercialEdge data.
The buildings have floorplans ranging between 25,000 and 66,000 square feet and three passenger elevators. Amenities comprise an indoor atrium and a private penthouse.
Williams Equities has implemented several capital improvements at the property over the last several years, including new lobbies and cooling towers on the roof. The firm recently obtained a $155 million CMBS loan for the buildings and plans to add more features, including a new roof deck.
The complex is in the Flatiron District, close to the Madison Square Park. Empire State Building is roughly 1 mile away.
Colliers Advisor Mac Roos, Principal Andrew Roos, President Michael Cohen and Vice President Jessica Verdi represented Williams Equities. Cushman & Wakefield Vice Chair Michael Mathias and Advisor RJ Johns worked on behalf of Ramp.
Manhattan’s average listing rate drops year-over-year
Manhattan’s office vacancy rate clocked in at 16.6 percent at the end of August, well below the 19.4 percent national average, according to the latest CommercialEdge office report. The market’s average listing rate during the same month was $68.56, marking a 1.5 percent decline year-over-year.
In August, Christie’s signed a 25-year lease renewal for about 400,000 square feet at Rockefeller Center including office space, salerooms, public galleries and warehouses. The auction house moved into the building in 1997.
Other recent deals in the area included Yeshiva University’s commitment at Herald Center for 160,000 square feet. JEMB Realty is the owner of the 250,000-square-foot building.
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