{"id":1004683441,"date":"2023-09-29T02:18:43","date_gmt":"2023-09-29T10:18:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004683441"},"modified":"2024-10-01T01:18:22","modified_gmt":"2024-10-01T09:18:22","slug":"williams-equities-secures-66-ksf-manhattan-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-66-ksf-manhattan-lease\/","title":{"rendered":"Williams Equities Secures 66 KSF Manhattan Lease"},"content":{"rendered":"<div id=\"attachment_1004683450\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/28-40-W.-23rd-St-e1695975046117.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004683450\" data-attachment-id=\"1004683450\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-66-ksf-manhattan-lease\/28-40-w-23rd-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/28-40-W.-23rd-St-e1695975046117.jpg\" data-orig-size=\"2590,1945\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"28 &#038; 40 W. 23rd St\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;28 &#038; 40 W. 23rd St was initially built in 1911 and converted to office in 1982. Image courtesy of Williams Equities&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/28-40-W.-23rd-St-e1695975046117.jpg?w=1024\" class=\"wp-image-1004683450 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/28-40-W.-23rd-St-e1695975046117.jpg?w=300\" alt=\"28 &amp; 40 W. 23rd St\" width=\"300\" height=\"225\" \/><\/a><p id=\"caption-attachment-1004683450\" class=\"wp-caption-text\">28 &amp; 40 W. 23rd St. dates back to 1911. <em>Image courtesy of Williams Equities<\/em><\/p><\/div>\n<p>Fintech company <strong>Ramp <\/strong>will relocate its Manhattan offices to 28 &amp; 40 W. 23rd St., to occupy 66,000 square feet at the <strong>Williams Equities<\/strong>-owned building. The firm is subleasing the space from <strong>Microsoft<\/strong> and will transition to a direct lease in March 2024, doubling the space it previously occupied at 71 Fifth Ave., in Union Square. <strong>Colliers <\/strong>represented the landlord, while <strong>Cushman &amp; Wakefield <\/strong>worked on behalf of the tenant.<\/p>\n<p>Initially completed as a retail property in 1911 and converted to office use in 1982, the two-building asset spans 561,000 square feet, rising six and 12 stories, respectively. Floorplates range between 25,000 and 66,000 square feet.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/tenants-looking-for-a-sublease-can-take-their-pick\/\">Tenants Looking for a Sublease Can Take Their Pick<\/a><\/p>\n<hr \/>\n<p>Additionally, 28 &amp; 40 W. 23rd St. encompasses 105,000 square feet of retail space, fully leased by Home Depot. Office tenants also include Estee Lauder brand Aramis, which occupies 166,000 square feet at the property, according to CommercialEdge data.<\/p>\n<p>The ownership has implemented capital improvements over the last several years, featuring new lobbies and cooling towers. Future upgrade plans include the construction of a new rooftop amenity deck.<\/p>\n<p>The property is between Fifth and Sixth Avenue in the Flatiron District. The location is near Madison Square Park and close to numerous public transit options.<\/p>\n<h2>Leasing activity in Manhattan<\/h2>\n<p>Colliers Vice President Jessica Verdi, along with Presidents Michael Cohen and Andrew Roos and Advisor Mac Roos, represented Williams Equities in the leasing agreement; Cushman &amp; Wakefield Vice Chair Michael Mathias and Director RJ Johns negotiated on behalf of the tenant. Mathias was recently instrumental in <a href=\"https:\/\/www.commercialsearch.com\/news\/silverstein-inks-122-ksf-lease-at-manhattan-trophy-tower\/\">brokering a 121,903-square-foot lease<\/a> in Lower Manhattan, at a Silverstein Properties-owned building.<\/p>\n<p>As of August, Manhattan\u2019s asking rates registered a 2 percent drop year-over-year, remaining the highest in the nation at $69.58 per square foot, <a href=\"https:\/\/www.commercialsearch.com\/news\/return-to-office-push-amidst-hybrid-work-era\/\">a recent CommercialEdge report<\/a> shows. The borough\u2019s vacancy rate stood at 17.3 percent, up 3.3 percent since last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tenant is doubling its footprint in the borough.<\/p>\n","protected":false},"author":3120,"featured_media":1004683450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[35498,34908,33865],"class_list":["post-1004683441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-colliers","tag-cushman-wakefeld","tag-microsoft"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Williams Equities Secures 66 KSF Manhattan Lease - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Fintech company Ramp will relocate its Manhattan offices to 28 &amp; 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