NEW YORK CITY-Lower Manhattan is about to get its first-ever medical office building. William Macklowe Co. has closed on its purchase of 156 William St. for $62.5 million. Adam Spies, senior managing director of Eastdil Secured, represented the seller.
The 250,000-square-foot-building's existing tenants include Cornell Medical Center, which has 30,000 square feet, and New York Downtown Hospital, which is a 17,000-square-foot tenant. But the 12-story building—which was sold by Capstone Realty Advisors—still has space available, notes Billy Macklowe, CEO.
“Another 100,000 square feet is scheduled to be vacated in mid-2014,” he says. The company already is discussing a variety of renovations and upgrades designed to appeal to health care tenancies. Although still in the planning stages, extensive base building capital improvements and enhancements are being contemplated.
“Market conditions are conducive to successfully execute this exciting vision for 156 William Street and we plan to move ahead quickly with our marketing and leasing campaigns,” Macklowe adds.
The building injects a healthcare presence into the growing area of Lower Manhattan, which formerly was primarily used mostly by office tenants but today is among the fastest growing pockets of the city for both residential and commercial real estate.
“Directly adjacent to the recently repositioned New York-Presbyterian/Lower Manhattan Hospital, this investment at 156 William is poised to be a significant asset for today's vibrant, 24/7, mixed-used community in Lower Manhattan,” says a spokeswoman at the Alliance for Downtown New York.
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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.
