NEW YORK CITY-CBRE has been tapped to represent 123 William St., GlobeSt.com has learned exclusively. The 504,000-square-foot property is owned by a group of investors calling themselves 123 William LLC and will be priced at a competitive $34 per-square-foot. CBRE's Howard Fiddle, Brad Gerla and Desiree Harbacek were selected as the exclusive agents for the edifice.
Nestled between Fulton and John streets in the white-hot Downtown market, the building includes a 170,000-square-foot contiguous block of space; its floor plates span 24,000 square feet. Location is a big selling point for the property as it sits just across the street from the Fulton Street train station, which is currently undergoing an extensive upgrade.
Refurbishment also is planned for the public areas of 123 William St., and prospective tenants will have the option to alter their space, says Brad Gerla. “A full lobby renovation will take place within the next six months and renderings have been completed by architect Charles Jordan,” he says. “The building will have all new windows, bathrooms and radiator covers.”
Interest in the property is high both because of location and price, Gerla asserts. “Tenants that are getting priced out of Midtown South, such as social media companies, are talking to us. Our rents are lower than those in Midtown South and, because of our location, we're a competitive alternative, and the building qualifies for all Lower Manhattan ICIP and LMEP incentive programs.”
Adding to the appeal is the fact that the property is going for rates below the Downtown average asking rent, which stands at $46.85, according to CBRE's latest Manhattan Snapshot report. Further sweetening the deal are the concessions in the offing for prospective tenants, according to Gerla.
“The landlord will build-out the space and will provide a market-free rent package,” he says. The building's selling feature is in its layout too. “It is a side core building, which enables firms to have a totally open layout,” Gerla notes. “It's ideal for growing social media groups, technology firms and non-profits."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
