Highrise buildings in Wall Street financial district, New York City.
NEW YORK CITY – George Comfort & Sons, Inc., one of New York's oldest real estate firms, is in contract to acquire 44 Wall St. from real estate investment firm EQ Office, local market players told GlobeSt.com.
Situated in the heart of the Financial District, the 24-story office building sits on the corner of Wall and William Streets. The sale price is unknown, but local brokers expect the 354,208-square-foot property could sell between $212 million to $266 million, or $600 to $750 per square foot.
New asking rents for tenants are in the $60 per square foot range, which is average for Class A office in the FiDi submarket, according to Marisha Clinton, senior director of research at Avison Young, who is not involved in the transaction.
Overall, the Downtown Manhattan submarket has become a live and work market with the introduction of different amenity mixes at the World Trade Center and One Brookfield Place. Leasing has been robust with Class A asking rents ranging from 65 per square foot, specifically in the World Trade Center and Tribeca submarkets, according to Avison Young data.
Top performers for leasing in the area were 101Greenwich St., averaging rents of $72 per square foot, and 180 Maiden Lane and 28 Liberty Street with average rents of $70 per square foot.
"The office market is tightening up down there," James Nelson, principal and head of tri-state investment sales at Avison Young who is not involved in the transaction, tells GlobeSt.com. "A lot of the activity is because the market has become much more of a 24/7 area, and people can live and work there."
In general, the New York office market is still seeing steady investor demand for buildings with little supply for buyers to peruse through. Office product that has come to market appear to have very competitive bidder pools, Ronald Solarz, executive managing director of investment sales at Newmark Knight Frank who is not involved in the transaction, tells GlobeSt.com.
"Anytime a deal comes to market, it generally sells," he said. "When I speak to buyers, they're all saying the same thing; 'there isn't a lot to look at.'"
Calls to George Comfort & Sons and EQ Office were not returned by press time.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
