A spokesperson for JLL concedes the loss but says it's just another slice of life in the world of New York real estate. "JLL held the agency for four years," she tells GlobeSt.com. "They thought they did a great job. They brought the property to the occupancy it has reached now. It just happens in this business. They went into competition with several firms and C&W was awarded the agency."

While the building is currently about 90% occupied, Wheeler says that's a noticeable drop from a year ago, when the property enjoyed 98% occupancy. "Vacancies were creeping up and there's more rollover coming," he notes. He adds, however, "the nature of the building is that you have controlled rollover, so there's no large traunch of space, but you have to keep ahead of it."

One challenge that C&W will face is the property's preponderance of small vacancies, some less than 2,000 sf. Wheeler says Rad "is looking to combine some of these units so we can go after midsize tenancy." Wheeler notes that three contiguous floors comprising 58,000 square feet can currently be configured for "large users who would look for a B-plus caliber building versus newer class A product. We're also catering to the 8,000- to 11,000-sf range and we'll continue to have availability for small users."

Office space asking rents, currently in the mid-to-upper $30s, were scheduled to be reevaluated yesterday. "61 Broadway is in the top of the prewar market category. It generally commands a premium [lease price]," Wheeler states.

The 660,000-sf office tower was built in 1916 by Robert E. Dowling from a Francis Hatch Kimball design. Kimball, a preeminent New York City architect in the early 1900s, is noted as the first architect to use the caisson system for foundations and was regarded as the father of the modern skyscraper. Crown Properties has owned the building since 1998.