Joshua Zamir, managing principal with Capstone, explains that it is exciting to close this transaction in such a "difficult financing environment." Capstone's Fund I, which invests in underperforming commercial properties, recently invested in the 1.1-million-sf 14 Wall St. in a joint venture with the Carlyle Group. Capstone bought the landmark tower last year and has signed leases for almost 200,000 sf since its purchase including the recent 36,400-sf lease to NYU Medical center. Other recent project investments include 40 Broad St., 132 W. 31st St. and 44 Wall St.
Following the path of Capstone's property at 14 Wall St., the company plans to build on previous improvements by upgrading 156 William St. to create a luxury office building offering first class tenant services, amenities and security. Capstone has hired architectural firm Gensler Architects and is currently considering designs for a new lobby, building facade, curtain wall and mechanical capital improvements. Ghadamian notes that the company is still analyzing design and budget as of now in regards to improvements, so he couldn't not determine a construction cost or start date at this time.
Ghadamian explains to GlobeSt.com that Capstone was attracted to the property for the upside potential and also for the low cost per foot--in that it is very difficult to find anything less than $250 per sf. Capstone was also attracted to the fact that it is two blocks away from the new Fulton Street Transit Station.
"The acquisition of 156 William St. is another example of the commitment Capstone Equities has to Lower Manhattan," Zamir says in a prepared statement. "We see great potential in the future of this area."
Leasing agent for the building is Cushman &Wakefield led by Andrew Peretz. The leasing team also includes John Peters, Mikhail Nahmias and Mark Packman. According to online resources, asking rent as of Jan. 4 is $35 per sf; however, Ghadamian could not confirm that number to GlobeSt.com. Ghadamian did note that the property is currently 80% occupied. Georgia Malone and Co. represented Capstone's Zamir and Ghadamian in the deal.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
