William Macklowe Company (WMC) announced today (Tuesday) the company has closed on the purchase of 156 William Street, which it plans to develop as the area’s first-ever medical office building.
“We believe this is the highest and best use for the asset as it will fill a critical need in this dynamic and evolving business and residential community,” stated WMC CEO Billy Macklowe, whose firm acquired the 12-story Emery Roth-designed office building from Capstone Realty Advisors for $62.5 million.
Opened in 1955, the L-shaped building, which also fronts on Ann and Beekman Streets, contains 250,000 s/f of office space, some of which is already leased to medical tenants. Cornell Medical Center, occupies 30,000 s/f on two floors and New York Downtown Hospital is a 17,000 s/f tenant.
“Another 100,000 square feet is scheduled to be vacated in mid-2014,” added Macklowe, whose firm is discussing a variety of renovations and upgrades specifically designed to appeal to health care tenancies. Although still in early planning, extensive base building capital improvements and enhancements are contemplated.
“We believe market conditions are both conducive and favorable to successfully execute this exciting vision for 156 William Street and we plan to move ahead quickly with our marketing and leasing campaigns,” added Macklowe.
Adam Spies, of Eastdil Secured, represented the seller.