{"id":1004730930,"date":"2024-10-01T02:00:17","date_gmt":"2024-10-01T10:00:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004730930"},"modified":"2024-10-01T02:00:19","modified_gmt":"2024-10-01T10:00:19","slug":"williams-equities-lands-132-ksf-manhattan-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/williams-equities-lands-132-ksf-manhattan-lease\/","title":{"rendered":"Williams Equities Lands 132 KSF Manhattan Lease"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/28-40-W.-23rd-St-e1695975046117.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"2590\" height=\"1945\" 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\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/09\/28-40-W.-23rd-St-e1695975046117.jpg\" alt=\"Exterior shot of 28 &amp; 40 W. 23rd St\" class=\"wp-image-1004683450\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The two buildings came online in 1911 and were converted to office use in 1982. <em>Image courtesy of Williams Equities<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Fintech company Ramp has signed a 132,000-square-foot, long-term lease at Williams Equities\u2019 28 &amp; 40 W. 23rd St., a 561,000-square-foot office complex in Manhattan. <\/p>\n\n\n\n<p>The deal involved a 66,000-square-foot extension and a 66,000-square-foot expansion. Colliers negotiated on behalf of the ownership, while Cushman &amp; Wakefield represented the tenant.<\/p>\n\n\n\n<p>Last year, Ramp signed a short-term sublease agreement for the second floor of the property, a space <a href=\"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-66-ksf-manhattan-lease\/\">previously occupied by Microsoft<\/a>. Under the new deal, the firm committed to the fourth floor as well. Move-in is already underway, with additional build-outs scheduled.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-finance-freeze-begins-slow-thaw\/\">Office Finance Freeze Begins Slow Thaw<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The two-building property rising six and 12 stories came online in 1911. Designed by Maynicke &amp; Franke, the mid-rises originally included only retail spaces and housed a large Stern Brothers department store.<\/p>\n\n\n\n<p>In 1982, the complex was converted to office use. However, 105,000 square feet still serve as retail space, mostly occupied by The Home Depot. The tenant roster also includes Est\u00e9e Lauder and Yale KeyExpress, according to CommercialEdge data.<\/p>\n\n\n\n<p>The buildings have floorplans ranging between 25,000 and 66,000 square feet and three passenger elevators. Amenities comprise an indoor atrium and a private penthouse.<\/p>\n\n\n\n<p>Williams Equities has implemented several capital improvements at the property over the last several years, including new lobbies and cooling towers on the roof. The firm <a href=\"https:\/\/www.commercialsearch.com\/news\/williams-equities-secures-155m-for-manhattan-property\/\">recently obtained a $155 million CMBS loan<\/a> for the buildings and plans to add more features, including a new roof deck.<\/p>\n\n\n\n<p>The complex is in the Flatiron District, close to the Madison Square Park. Empire State Building is roughly 1 mile away.<\/p>\n\n\n\n<p>Colliers Advisor Mac Roos, Principal Andrew Roos, President Michael Cohen and Vice President Jessica Verdi represented Williams Equities. Cushman &amp; Wakefield Vice Chair Michael Mathias and Advisor RJ Johns worked on behalf of Ramp.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-s-average-listing-rate-drops-year-over-year\">Manhattan\u2019s average listing rate drops year-over-year<\/h2>\n\n\n\n<p>Manhattan\u2019s office vacancy rate clocked in at 16.6 percent at the end of August, well below the 19.4 percent national average, according to the latest <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">CommercialEdge office report<\/a>. The market\u2019s average listing rate during the same month was $68.56, marking a 1.5 percent decline year-over-year.<\/p>\n\n\n\n<p>In August, <a href=\"https:\/\/www.commercialsearch.com\/news\/christies-inks-400-ksf-renewal-in-manhattan\/\">Christie\u2019s signed a 25-year lease renewal<\/a> for about 400,000 square feet at Rockefeller Center including office space, salerooms, public galleries and warehouses. The auction house moved into the building in 1997.<\/p>\n\n\n\n<p>Other recent deals in the area included <a href=\"https:\/\/www.commercialsearch.com\/news\/yeshiva-university-signs-160-ksf-lease-in-midtown-manhattan\/\">Yeshiva University\u2019s commitment at Herald Center<\/a> for 160,000 square feet. JEMB Realty is the owner of the 250,000-square-foot building.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A fintech company doubled its footprint at this office property.<\/p>\n","protected":false},"author":3355,"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":[35498,32799],"class_list":["post-1004730930","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-wakefield"],"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 Lands 132 KSF Manhattan Lease - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Ramp signed a 132,000-square-foot, long-term leasing agreement at Williams Equities\u2019 28 &amp; 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