New York City's Economic Development Corporation and Department of Small Business Services will be moving from 110 William Street to One Liberty Plaza. Under a 20-year lease, EDC and SBS will occupy 222,137 square feet, floors 10 through 14. The price is undisclosed. However, the Real Deal has reported that asking rents in comparable areas of the building are in the mid-$50s per square foot.
Stephanie Baez, from EDC's public affairs office, tells GlobeSt.com that One Liberty Plaza was selected due to its strategic location, access to transportation, and modern workspace. She notes the move will occur next year.
110 William Street, owned by Swig Equities, LLC, is a 928,181-square-foot office tower. It was originally constructed in 1918 as a 15-story building, and expanded into a 32-story contemporary office structure in 1959 as designed by architect Sylvan Bien.
Also in the Financial District, owned by Brookfield Property Partners, One Liberty Plaza is a 2.3 million-square-foot office tower, which opened in 1973. The city's lease follows several others at this location, signed this year: Aon insurance expanded its space to nearly 240,000 square feet. New Avon, the cosmetics company, relocated from Third Avenue to occupy more than 91,000 square feet, and Business Insider will be moving from the Flatiron district to occupy 88,000 square feet at the property.
David Chelkin, EVP, Brookfield Property Partners, New York office division says, “This year, top firms in media, technology, finance and arts have signed leases totaling more than 600,000 square feet at One Liberty Plaza, far outpacing the Lower Manhattan submarket and bringing the building's occupancy to nearly 95%.”
EDC and SBS were represented by Neil L. Goldmacher, Christopher Mongeluzo and Howard Kesseler at NGKF. Brookfield was represented in-house by Mikael Nahmias and by Pete Shimkin, Hal Stein and David Falk of NGKF.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
